An efficient logistics and supply chain system in the agriculture sector are as important as an efficient crop production system. Blockchain technology can ensure this needed efficiency.
Fulfilling the food demand of a constantly rising population is a complicated process. It involves a complex supply chain between resource providers (transporters), crop producers (farmers), retailers, and end-users. The functioning of such a complex system usually involves a lot of paperwork and management challenges.
Traditionally, such logistic tasks were managed with paper-based documentation. However, with the onset of technology, the documentation moved to computers, making the task less complicated; and quicker.
Blockchain Technology is Optimizing Supply Chain System in Food
The next step in Blockchain technology is for making the supply chain management in the food and agriculture industry more efficient and manageable.
Using Blockchain technology offers tamper-proof, precise statistics about the farms, inventory, credit scores, and food tracking.
According to industry experts, the blockchain in the agriculture and food market is still developing. Increased research and development activities help to develop blockchain technology. Retailers, food processors, and food distributors are also increasing blockchain adoption.
Market analysis by BIS Research, the global blockchain in the agriculture and food market was valued at $139.6 million in 2020. Global Blockchain is growing with a CAGR of 51.0% and reach $1.48 billion by 2026.
Factors such as the increased need for transparency in the food supply chain and supportive government initiatives will drive the market’s growth in the future.
Supply Chain Management in Agriculture and Food Industry
The process of delivering the agricultural products from the producers to the consumers is known as the agriculture supply chain. This process involves numerous stakeholders such as resource providers, farmers, distributors, and…
