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October 14, 2021, New York, USA -
Global Agrifood Blockchains Market
Block chain technology alludes as a the most simplified, decentralised and distributed ledger which records the origin of digital asset. It is also known as Distributed Ledger Technology (DLT) or is a public digital ledger that records data or information secured in such a way that it is difficult to change, hack, or cheat in the system. Each block in chain holds a unique number for every new transaction and a record of that transaction is stored in contributor’s ledger. The decentralised database is managed by multiple handlers. The transactions under DLT are recorded with an immutable cryptographic sign called “Hash”.
Agriculture has always been the back bone of the country and plays a vital role in the existence of human being like for example the food that is consumed to the clothes that are worn for every occasion day, night, function every bit is associated with agriculture. A report suggests that 48% of labour is engaged in agriculture and their major source of income is depended directly on agriculture income. However, there is a critical need of innovations and improvement in the farming sector to simplify their work. Technological advancement has always served as an aid to resolve problems, one such technology is ready to propose new approaches of work towards agriculture, that will create an interaction between consumers and producers and that is Block chain in agriculture.
The word Block chain has been a buzzword since its initiation in bitcoin, but be that as it may, with regards to introducing this innovation in enterprises, digital currency isn't the thing organizations are searching for. It is block chain innovation itself that is important. This advancement is right now changing numerous enterprises, including farming. The growth of agriculture is primarily dependent on population growth, urbanisation and globalisation. The senses report shows that as on 2021 the global population is 7.8 billion and as per World bank it will continue to grow up to 9.7 billion till 2050 resulting significantly higher demand for food.
Customers are aware of the current market trends in expect full transparency in terms of food safety and to outlive this situation many companies have come up with innovative methods and one of which is block-chain in agriculture to determine control of food and product condition throughout the supply. In collaboration with IBM the renowned food giants like Nestle Switzerland, Tyson Foods USA, Dole food company have made an effort to delved into block chain technology for food safety.
The block-chain technology innovation permits individual to individual exchanges t to happen straightforwardly and with practically no mediator like banks or any agents in farming area. Block chain has gained traction and has vast range in crypto. The technology is set to transform many industries along with agriculture by ensuring efficiency, trust and transparency from farms to groceries.
The square chain innovation permits individual to individual
How can block-chain technology change agri-business?
Now-a-days consumer has become aware and is taking more interest in origins of their food and its contents. The demand for organic food is on rise. The awareness of good taste in consumer has given rise to food fraud industry. Block-chain in agriculture can provide reliable information with regards origin of food items and the exact journey it took from farm to table. For example, British company Provenance has implemented block-chain technology through an app which can successfully track sustainably-fished tuna direct from fisherman’s boat from Indonesia to restaurants in Japan and subsequently a fresh entry was done every time the fish changed hands. Additionally, to assist consumers in making proper purchases the improvised logistics also greatly benefits farmers. The logistics of agriculture sector is complex and murky as shipments change hands on different occasions prior they arrive at their last destination. It gets difficult for graziers to know the quantity, quality and value of their product sold in market, however the blockchain technology can help rectify this disparity by recording transaction in real-time and providing conversant logistics information to the farmer. With the help of such technology farmers can quote their own price in market. Last but not least, blockchain technology will make things move faster by faster payment method and fair and real prices. In the current system it takes weeks or months for farmer to get their right share of income for their goods.
Although there are benefits that help the farmer to get his share in time, however, there are certain restrains that holds up the market from performing such as lack of regulations by government. Government needs to understand that this technology will also be beneficial to collect taxes. Still, because of these regulations the block-chain market is adversely affected. Another task for farmers is that there is no standard format for managing the agriculture data though obtained from smart agricultural tools. Many farmers or growers are not educated with the innovative technology and its use.
The impact of the Covid 19 impact on the Global Agri-food Blockchains Market-
Amid the spread of corona virus pandemic, the global logistics in agriculture market several inefficiencies were realised which led to the possible openings of prospects in mid and long term technological markets. The block-chain technology proposes a repeatable framework for trade. In consonance to the World Economic report the block-chain platform is very effective solution to cope with the inefficiencies. The imposing of lock downs has made it difficult to have a track on things like the origin of food products. Thus the blowout of pandemic has triggered the need to use the blockchain technology in food sector.
The global blockchain in agriculture market is projected to grow at USD 948 million by 2025 which was USD 133 million in 2020. It is estimated to grow at CAGR of 48.1% by the predicted year.
Key market players
The growth of market depends on the key players and they majorly include companies such as IBM (US), TE-FOOD International GmbH (Europe), Microsoft (US), ACR-NET (Ireland), Ambrosus (Switzerland), SAP SE (Germany), OriginTrail (Slovenia), and Provenance (UK). These key players in this market center around expanding their quality through developments and speculations, consolidations and acquisitions, associations, joint endeavors, and arrangements.
Scope of the report based on type, stakeholders, providers, size, application, region.
This report classifies the Blockchain in agriculture market based on type, stakeholder, providers, organization size, application, and region.
Based on type:
Based on stakeholders:
Based on providers:
Based on organization size:
Small and medium-sized enterprises
Based on the application:
Product traceability, tracking, and visibility
Payment and settlement
Governance, risk, and compliance management
Based on the region:
Middle East & Africa
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