It’s fast becoming evident that the blockchain technology is about a lot more than just bitcoin. Across many sectors like healthcare, finance, government, media and more, innovative applications are cropping up every day. The blockchain technology is going up against technology that’s ripe for replacement and decades-old, by being tested in a whole lot of ways. Let’s take a look at how it’s influencing the agriculture industry.
What aspects of Blockchain technology could the agriculture community adopt?
Food supply chain
Due to information asymmetry, food supply chains in most developing nations are inefficient. As farmers do not get their due share, this leads to low farmer income, even though they are the food producers, the most critical part of the chain. The supply chain for food becomes a lot more simple with the blockchain, as data management over a complicated network including brokers, farmers, processors, distributors, regulators, retailers, and consumers becomes transparent and simplified. In this way, so far, the Blockchain has been most handy in the agriculture sector in understanding the journey and source of produce, giving consumers confidence in the knowledge of exactly where produce they buy comes from while allowing farmers to negotiate fairer rates throughout the supply chain. When taking the growing lack of trust in the sourcing of produce sold in markets into consideration, this is a key aspect.
Checking the authenticity of agriculture-inputs
Often, the farmers are unaware whether the inputs they are buying are authentic or not. To increase their profit margins, local level retailers are selling fake products to farmers. Sometimes, even the retailers are unaware whether the products supplied to them are authentic or not. Due to pilferage or duplication which impacts their brand image, big agriculture-input players are also losing millions of dollars. From manufacturer to the end buyer, by increasing the traceability of each product sold, the blockchain application will solve this problem. By just scanning the blockchain barcode on their product through their mobile, retailers and farmers can understand the source and authenticity of the products they are buying.
Transparent transactions
To maintain accountability, it is essential for agricultural concerns and smallholdings to be able to keep track of their contractual obligations with suppliers, buyers and other stakeholders and transactions. This minimizes fraud, maximizes transparency, and ensures that each link in the supply chain is satisfied. The link between farmers and commodity buyers can now be monitored more closely, and distribution channels streamlined yet further.
Smart contracts
Firms operating within the agricultural sector often have extensive contractual obligations to a multitude of stakeholders, and many FinTech innovations, notably the Blockchain, can have a beneficial impact on contracting, particularly in areas such as hedging contract and pre-sales of harvests.
Data monitoring
Data monitoring is one of the most visible uses for Blockchain. Now, to assist them with planning their spaces more efficiently and maximize the rate of success with their harvests, farmers have an opportunity to capture data in real-time. For wireless sensors for instance, with all of the data recorded onto the Blockchain, it can be integrated into fields to monitor crop growth, harvesting, and subsequent yield. This information, over time, will become an invaluable resource to the farmer.
Minimising human error
There are many ways in which Blockchain can take tasks away from the workforce and automate them to minimize errors. Often, it is an individual mistake that causes financial and physical losses in the agricultural sector, and so adopting technological innovations can reduce the amount of resource that is wasted or misused.
Unfair pricing
Based on weather, demand and global production levels, with crop prices fluctuating wildly, the blockchain can provide an easy solution for both suppliers and buyers looking to negotiate a fair price for their product. By giving access to information to both parties on similar transactions and on the present stock price of goods, suppliers in rural areas can also ascertain what their harvest is currently worth. This way they can sell it to distributors at a price which reflects global market conditions.
Conclusion
While in rural areas, the agriculture industry has been the most significant sector, providing a means for seventy percent of the world’s poor, it also happens to be the industry with the most considerable disconnect between retailer and supplier. However, using Blockchain, we can establish a more direct link, allowing retailers to ensure that they are getting what they’ve paid for and making sure farmers receive better pay for their products. Further, through the exchange of digital products and currency, the agricultural industry can see the increased global exchange of produce. This can affect all from rural farmers who are selling to big nations who need to track their aid relief accurately to consumers across the globe, leading to the fairer distribution of currency and goods among the most deprived areas of the world, as well as increasing agricultural models that are community-based on a global scale. There’s such a buzz around blockchain as there is massive potential in it. This, of course, does not mean all drives seeking to modernize needs to involve the blockchain, even if it sometimes seems that way these days.
Originally published on from CognitiveClouds: Top
When , enthusiasts see it as a confirmation that the blockchain company is doing everything to become a household name money transfers. This is no doubt a good sign, however, many a number of events have surfaced, which have possibility of propelling the cryptocoin.
A whole lot of observers won’t deny that Ripple is doing fantastic with many firms testing its tools for cross border transaction, and some banks partnering with the firm after careful observations and guarantee that Ripple is the next thing in cross border transactions.
It is no doubt that Western Union and MoneyGram are sources of developments for Ripple, especially now that there are numerous assertions that the New WU applications is depending on RippleNet. There are still some collaborations that will enhance Ripple in the next few months.
Allvor: The First Cryptocurrency to be Hosted On Ripple
is another feather to the cap of Ripple. It is branding itself as the first cryptocurrency powered by XRP Ledger with a distinct functionality and a focus on e-commerce. Allvor proposed integration, using XRP ledger superior technology, if widely accepted, it will go a long way in boosting the cryptocurrency use on a global scale.
The team behind the idea says the Allvor Project is an independent initiative, which has no support or sponsorship from Ripple Company, but will use the XRP Ledger which is a development of the Ripple Company, the best and most efficient distributed database technology ever made.
“In the next years, the best and most consistent blockchain technologies will transparently integrate and operate with the various layers and protocols required to conduct financial and business transactions,” the team has said.
“The Allvor Project will be focused on developing and encouraging the development of such integrations in order to promote the widespread use of the ALV token along with the systems that support the trade of products and services, ranging from small virtual stores to large e-commerce players.”
Allvor is going to keep many mouth shot once it is accepted by Ripple, it will make the platform completely appear decentralized and kill the rumor that Ripple is not in any way decentralized. Aside the fact that it is going to make Ripple appear decentralized, Ripple HODlers also have the opportunity to receive ALV coin without necessarily buying it.
On like other cryptocurrencies, Allvor does not plan any form of ICO or a crowdfunding to gain funds for managing the system as other coins have been doing. The platform says its initial distribution will be made directly to the XRP holders’ community using the Initial Distribution program as a yardstick.
The Japan Consortium Of Banks
When the news of surfaced, the world see it as a big move for Ripple. The consortium, which is a coalition of 61 banks in Japan is organized by . In an announcement, the consortium revealed the launch of a new Ripple pilot with Woori Bank and Shinhan Bank who are seen as the two largest South Korea’s banks due to their market cap amounting to $30 billion.
The idea was touted as the first time money moves from Japan to Korea over RippleNet, using Ripple’s settlement technology, , for cross border transactions.
It is supposed to be one of the highest propeller of Ripple in recent time. While it has the potential to change Ripple, there are many things that could be done to at least make this banks have complete trust in Ripple. If they are able to, full partnership with 61 banks is not a joke, it is a big deal.
Ripple-Saudi Arabia Partnership.
is going to save the oil rich country of $200 -$400 million annually. The partnership gives banks in the kingdom an opportunity use Ripple tools for cross-border payments. SAMA, by indications, is going to be the second central bank in the world to introduce Ripple’s blockchain-based cross-border payments platform, after the 2017’s Bank of England’s pilot project.
According to Dilip Rao, the global head of on infrastructure innovation at Ripple said, “Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.”
“SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”
The next big deal in the blockchain world is the Ripple-Saudi Arabia Partnership. Saudi has a lot of countries toeing its path in the Middle East, if Ripple manages the partnership to taste, there is possibility it gains more support and collaborations in the region.
Conclusion: Ripple is on the verge to becoming a replacement for banks. Many say it is only connecting banks together, however, by the look of things, it has the potential to replace all banks.
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