WHY BLOCKCHAIN FOR AGRICULTURE?
Digital agriculture promises to optimize yields for farmers, but what happens after the crops leave the farm?
Running the supply chain on a blockchain offers the following opportunities in agri-business:
- Increase transparency in product traceability to reduce waste and ensure consumers get food at peak freshness
- Improve data accuracy, security and consistency across the supply chain with blockchain’s distributed ledger technology
- Enable data immutability to increase trust for all parties involved
HOW BLOCKCHAIN WORKS IN AGRICULTURE
The blockchain can connect any number of entities on a single, shared, immutable ledger, replacing disparate systems and improving security, traceability and efficiency.
USE CASE 1: TRACEABILITY FROM SEED TO SHELF
The supply chain is incredibly long, involving multiple parties utilizing their own siloed tracking solutions. Transparency in logistics is limited and customers often don’t know where their food comes from.
USE CASE 2: COMPLIANCE & QUALITY CONTROL
Data from IoT devices is stored privately, and there is no publicly accessibly source of proof that a product was grown, stored and transported according to quality standards.LEARN MORE
USE CASE 3: INVENTORY MANAGEMENT
Most inventory systems run on old databases relying on linear data entry, making the accuracy of inventory data difficult to verify without expending manual effort.LEARN MORE
USE CASE 4: TRADE FINANCE
There is no real-time visibility into communications between importers/exporters and issuing/advising banks. Document exchange between parties is manually executed, and errors made during Letter of Credit (LC) submissions cause significant delays in LC issuance and amendments. LEARN MORE
HAVE A USE CASE NOT MENTIONED ABOVE?
If the blockchain use case you had in mind isn’t listed here, please let us know and we’ll explore its potential for your enterprise with you!CONTACT US