Reshaping The Future of The Agriculture Industry With Blockchain

By Suffescom Solutions

January 23, 2023

Agriculture forms a major part of the economy around the world. Around half of the population is dependent on agriculture globally. If we look at the traditional forms of agriculture, there are a lot of discrepancies related to agricultural data. The authenticity of data remains the main point of concern. Apart from preventing the deterioration of the data quality, this serious problem is solved by applying blockchain technology.

Due to the transparent model it follows, blockchain plays a significant role. Blockchain technology in agriculture is introduced to secure agricultural data. This technology is set to reform every industry, and agriculture is no different. Several issues need to be solved, such as; Managing Food Production, Supply Chain Management, Predicting Weather Conditions, and Organizing Agricultural Finance.

Role of Blockchain In Agriculture

Small Businesses need help to make big in the agricultural market. It is because large firms have already captured a big part of the market. Even the farmers cannot decide for themselves which crop to grow, fixing their own prices when to cultivate crops, etc. The power lies in the hands of giant corporations. The blockchain readily solves such things. It will help small-scale companies to find clients and work directly with them without the involvement of any intermediary. They can even hire employees, direct operations, make them smooth, acquire finances, etc.

Now, the transactions in traditional agriculture are mostly not secure and more vulnerable to fraud. The integration of advanced technologies has helped stockpile data and analyze it deeply. This ultimate fusion of using natural resources with technology has resulted in smart agriculture.

Applications of Blockchain-Based Agriculture Platform

Food Production

The agriculture industry works on growing food for the people. Blockchain will help in the same but with the usage of limited resources, reducing adverse environmental impacts, enhancing customer satisfaction, maintaining upright farmer income, and providing transparency at every level.

The technology enabled food production encompasses the following steps;

  • Generating correct data via IoT devices and sensors that sense temperature, moisture, quality, and humidity that are essential for crop growth.
  • This collected data is then properly structured and secured by adding the meta information.
  • Machine language is applied to this data to provide insights into crop quality, yield, demand prediction, etc. ML helps in enhancing the irrigation system timely without any hindrance.
  • This insightful data is then stored on the blockchain, which is absolutely safe and does not have a single point of failure. The data is triggered through smart contracts, promoting data exchange with the stakeholders.

Supply Chain Management

The food chain supply faces most of the issues, including the production and transportation of food items. Improper food management results in shipping delays, labour shortages, unsure consumer spending, fluctuating shipping costs, and raw material prices.

Blockchain In Agriculture Supply Chain helps in tracking food products in a faster manner for quick delivery. It enables compensation to the farmers timely and permits the consumers by facilitating them with accurate supply chain insights.

Food safety is the number one problem in the food and agriculture industry. It's important to know where the item has come from and where it will reach. The improvement in tracing the products is beneficial as they can quickly find out the exact time of the manufacturing.

The older paper-based method had resulted in transparency gaps. Blockchain has thus provided companies with the proper supply chain visibility and the opinion to audit the distributed ledger. Due to the shared ledger, businesses can find the source of irregularity. It also helps limit financial loss by rejecting damaged products and keeping them safer.

The small-chain producers should be compensated better. That is not happening. They have to wait for days till the products are delivered. For delivery to occur, paperwork must be performed, keeping them in financial uncertainty. It is through blockchain that swift automated documentation takes place. This inadvertently results in faster payment services. Firms can directly build a connection with customers, which is a great opportunity to encourage the not-so-big farming communities.

Suppose you are one of those businesses that want to use supply chain management to meet market demands. Then Suffescom Solutions Inc. is the best place for you. We are the best  Blockchain Supply Chain Development Company that will help you develop the blockchain platform for your supply chain industry. Get all the relevant information from our support team and start your development journey now.

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Unpredictable Weather Conditions

Weather conditions play a pivotal role in the agriculture sector. The availability of certain tools and software has solved this problem, but there is still room for improvement. These technologies have been unable to gauge the climatic conditions precisely, and, therefore, the agriculture industry is suffering drastically. To have proper crop cultivation, every component needs to be in moderation. The rainfall, sunlight, wind, moisture, humidity in the atmosphere, dew, atmospheric pressure etc. Now, these are natural things that are beyond human control.

But blockchain, due to the insightful data, helps in the accurate analysis of data that predicts error-free results and takes necessary steps to overcome any issue. it helps the farmers in taking correct decisions in farming. To prevent any unforeseen situation, the decision is taken in advance to avoid repercussions. Blockchain as a technology is potent enough to see the damage caused by the bad weather. In this way, they can claim the insurance beforehand.

The insurance claim is requested and approved instantly, due to which the amount is automatically transacted in the wallets. Therefore, it's a smooth way of acquiring compensation.

Handling Finances

Managing Finances play a pivotal role in the agriculture business. There are times when the farmers donot get paid on time due to a lack of transparency. Even the buyers face issues due to the insufficient supply of goods that eventually leads to troublesome payments to the farmers, and the small crop holders are forced to sell the crops at reduced prices.

The agriculture related finance is handled in a way;

  • When information is shared by the stakeholders at every stage of the production by accessing the transaction on the blockchain network.
  • As the information is stored permanently on the blocks, so instead of contacting the farmers, the auditors verify the transaction through the ledgers.

This is an affordable way of performing auditing by audit firms.

Steps Involved In Starting Blockchain-Based Agriculture Business

Blockchain Technology in Agriculture is aiding to greatest revolution. Increased awareness about the blockchain is generated. The ultra-advancement of Agri-equipments, its structure, production, investments, and exports has tempted entrepreneurs to invest their money on this fantastic platform. They are fully interested in being part of the blockchain agriculture dApp development journey.

Market Research

Every project is started with a robust business plan, objectives and the availability of resources. In the case of the agriculture business, one needs to see the scope of the project and what future it holds. Perform research effectively, and see what issues are faced in the agriculture market. Who are the competitors, what are they offering, is the project feasible or not etc.?These insights provide opportunities for the services.

Business Planning

The business plans should be in coherence with the ideas/objectives. It is documentation that puts the whole business workflow on paper. It encompasses all the functionalities, features, and benefits of the agri-business. There is a proper plan to achieve them, which is also included. The marketing and promotional methods also form a part of the business plan.

If you know how to venture into blockchain agri-business, then it's great. If not? Then, we can help you out in your business journey.

Development Process

As per the requirements of the blockchain project, the appropriate features are instilled in the app/platform. It consists of both the front-end and back-end components. The back end involves coding, and the front end incorporates designing elements. High-end tools and technologies are utilized to make the interface seamless and intuitive. Every component is included to capture users' attention and simplify navigation.

Funds Arrangement

Funds are crucial for agri-businesses. The thing is that the investors come during the growth phase. So, it's necessary for businesses to begin with the process in advance time for the track record. As we know, the popularity of agri-business is always at the top because of the constant demand for food. One can look for funds via crowdfunding, microfinance, bank loans, contests etc. To pick the appropriate mode of loan, the business model remains the important factor.

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Complete Feature Set Of Blockchain Agriculture dApp Development

To make operations simpler, blockchain-based agriculture exhibits special features that ease the workflow. These apps are compatible with the evolving demands of businesses. They need to modify their farming practices by adopting smart techniques. The blockchain agriculture dApp development makes management seamless. Some of the features of this dApp are mentioned below;

Stock Management

Helps businesses in handling the stocks in real time. This helps in properly recording the loading and unloading of the stock on the dApp. This feature works well for manufacturers, flour mill owners, and farmers.

Digitized Logistics

The computerized financial paper records are saved with the help of OCR to make access to the finances in your phone with a protected system.

Contracting

Helps businesses in tracking and handling contracts in lesser time. Contracts related to freight, commodities etc., fall under this feature. For instance, freight contains data like money paid to shift the product to its destination. Similarly, for the commodity, the digital contracts are kept secure till the product is delivered.

Truck Receivables

The automatic updates regarding the delivery of the commodities at the receival locations are obtained through this app. The weighbridge is integrated into the dApp by calculating the load of the vehicle before and after loading. The movement of the vehicle is matched at every level.

Traceability

Assists the business in knowing the location where the stock is arriving and the destination it is going to reach. There is the availability of time stamps at every phase.

If you are interested in the Blockchain Agriculture dApp Development process, then we can help you in developing a robust blockchain-based agri-platform. We are the top blockchain dApp development company that has a proficient development team. We have been in the industry for 13+ yrs and have experience in blockchain technology for 5+ years. Our competent team has successfully delivered blockchain projects within the set timeframe.

Bottom Line!!

Blockchain Technology in Agriculture has paved the way for various businesses to start their own platform. This is a profitable venture because of its growing demand, especially, Blockchain In Agriculture Supply Chain management, which is the need of the hour. Apart from easing the operation workflow, it has generated massive opportunities in the agriculture market. So, dont delay and contact our team of Blockchain Experts to develop a better understanding of blockchain applications in the agriculture industry.

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