Can Blockchain Technology Make Agriculture Safer?
Blockchain technology has taken everyone by storm and 10 years after coming to the forefront through Satoshi Nakamotos Bitcoin invention, it is already being pegged as a tool for the next industrial revolution.
Agricultural sector around the world is plagued by middlemen and corruption especially in the developing countries where there are no dedicated agricultural policies, because of which the farmers who toll hard to put food on our plate do not even make their end meets.
The blockchain is now being seen as a saviour by many which can lift up the agricultural sector and not only benefit the poor farmers and get them their due, but also make the food we buy safer.
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Blockchain and Agriculture
Blockchain works on the principle of decentralization and distributed network, and the main aim of the technology is to distribute authoritarian power in the community rather than being concentrated in the hands of few.
There are two possible use cases of the blockchain, one in the developing nations where farmers dont get their due, and the other in the developed countries where the focus is more on food security.
The use-cases of blockchain in the agricultural sector are being tested in various countries of the world to make sure that the food we get on our table is not laced with harming pesticides and insecticides.
In order to make the food safer, blockchain technology can make use of smart contracts which are self-executing computer codes that execute the contract when the predefined criteria are met. One of the recent examples of IBM using a pilot blockchain project to export mandarin oranges from China to Singapore.
IBM put the export contract on the Blockchain smart contract, where the importer can track the order from the native place until its destination without spending anything on the monitoring process. The project was not just a success but actually delivered a batch of oranges before the delivery date.
How that was made possible, you may ask? Thats the beauty of blockchain, the smart contract had certain predefined criteria like the quality of oranges, the time of shipment and the delivery date. The smart contracts execute in parts, when the oranges would have been loaded on the container, one part of the contract gets fulfilled, and the final part is executed when the oranges reach the inventory in Singapore.
Coming to the payment part, the importer saves the payment in an escrow on smart contract, once the complete shipment is delivered and the importer is happy with th ...Read full story on BTC Wires