Blockchain technology, the underlying technology for cryptocurrencies such as Bitcoin, will affect agriculture, although it started in the finance, health and supply chain industries.
Blockchain technology can be compared to an online filing system used to record data from a decentralised data system. What makes blockchain so unique is that data stored on its networks is transparent and incorruptible.
In agriculture, this can bring many solutions to the rising concerns of consumers with regard to food safety and traceability. In the future, big food chains will be able to make use of blockchain technology to ensure accountability, traceability and food quality. It can also improve information sharing across the food chain and could ensure that farmers get their fair share of income. Improved data sharing can also help reduce the $1 trillion food waste problem.
There are many opportunities for blockchain technology to improve agriculture and the food chain. Click here to learn more. – Inc24