The fast-paced technological growth behind the Bitcoin network has not just encrypted transactions but has restructured the banking, healthcare, government, media, etc and, in recent years it is slowly gaining prominence in the global agricultural industry.
The annual global output of agriculture is close to 5 million USD and has almost 40% of the global workforce involved in related activities. With the onset of the global pandemic in 2019, the agricultural sector is plagued with problems deeply affecting the economy.
In a scenario as such is a need for structural re-construction - Blockchain thus could be a revolutionizing attempt in the future of farming.
Before we head-on, you might want to learn more about Blockchain development services and solutions to gain more insights into Blockchain development solutions for different industries.
However, in the following article, we will examine the benefits of the application of Blockchain technology in food supply chains, smart farming, transactions of products, agricultural insurance, and others:-
- TRUST :
Blockchain is an open-source ledger, that eliminates the need for a central authority and instead builds peer-to-peer architecture. For any alteration to be made on the recorded data of transactions, the majority of parties involved should agree to make it almost impossible for malfunctions to take place. Trust is built not just among stakeholders but also among consumers across the world.
- TRANSPARENCY :
Blockchain technology provides transparency among all involved parties through a trustworthy private network by ensuring all parties from producers to consumers can obtain information of the product from its place of production to the markets it is sold in. For example, if we are the supermarket buying corn from a brand, with the help of blockchain technology we can trace out from which farm it is yielded from, thus improving product sustainability standards and providing the consumer values on product quality and safety checks.
- Product Traceability :
With the consumers growing interested in buying premium quality products due to considerable rise in food safety issues, it has become essential for the supplier to provide reliable information like the place of origin, ingredients, and quality of the product to build their trust and also between stakeholders in verifying premium quality assurance in the products they sell. Blockchain provides this whole comfort of tracking a product from the farm it was picked up to the shelf it's sold in and most importantly enables it to us, consumers, in just one click of a button.
- Decentralizing supply chain :
The farmers have suffered oppression for years because of the ugly practices that took place between production processes before they reached final hands. With the use of Blockchain technology; farmers will now have access to real-time transactions and up-to-date information on supply and demand, allowing them to optimize their rates and quantities of products they put out in the market, leaving them no longer vulnerable at the mercy of traders.
By keeping a record of all participants, Blockchains make it easy to confidently conclude transactions for all parties throughout the world.
- Agricultural Insurance
Earlier, traditional agricultural insurance schemes were considered a well-recognized tool to manage financial losses due to weather extremities. Blockchain has however taken off this area of load besides by introducing Blockchain climate risk insurance wherein during an extreme weather condition, insurance policies are activated, facilitating fair and timely payouts without any hassle. Thus providing a futuristic approach in the era of climate change through holistic methods like “ Smart Agriculture ” by using various technologies like IoT, cloud computing, big data, and others to monitor the field environment and in support of information-based management cycles.
Blockchain technology has farsighted and eminent approaches to benefit the agricultural industry. However, it is still a growing technology though having made its mark in prominent fields is facing key limitations in the agriculture and food sectors mostly because of limited knowledge on how this works and its application in agriculture and rural development. At present, we can only anticipate a peculiar shift towards a brighter digital future revolutionizing millions of lives for good. Blockchain technology can thus become a doorway in improving the agricultural industry if added to the knowledge of literary books.
Yes, Today we are going to discuss about the concept “Blockchain In Telecom Industry” .
We already know that Blockchain have started to transform many industries like banking, SCM, Fashion, Food, Medical and so on.
Existing problems in Telecom Industry
( i.e) the number of mobile internet users in India is about 358.46 million people (2018) This would increase in count furthermore, so as of 2021 the count will be nearly 462.26 million.
Based on the market share and customer base, the list ascends as follow.
Cost per Minute ( Acquiring charge of connecting STD,LOCAL, ISD calls per Minute)
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Blockchain technology continues to gain popularity day after day.
Only the massive phenomenon that the internet brought about in the 1990s is comparable to the social impact that this technology is having.In the year 1998 there were a million users on the Internet.
Even so, in many sectors the important advantages it offers are already being exploited.
Thus, information on the status of a patient can be collected through this system and a historical record of all patients can be kept.FeedingImportant companies in the sector such as Walmart are developing food safety applications, through which consumers can learn about the process a food has gone through until it reaches their hands.The American company Corporation Cargill has been one of the pioneers in using the Blockchain system in food.
The enormous complexity that usually accompanies these systems makes the entry of this technology even more favorable, thanks to the automation of processes, the reduction of administrative and customs procedures and the reduction of fraudulent activities.It is true that in this area it is proving costly and slow, but the introduction of this technology is already being noticed and promises to revolutionize the concept of transport and logistics in the next decade.
The Bosch-led consortium has been running for more than a year and has already incorporated blockchains into logistics supply.
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