Blockchain Security, An Ideal Option In The Agricultural Sector
INTRODUCTION The sole aim of agriculture in a country as Nigeria and some other developing countries in the world is to deviate the economy of these nations from entirely depending on crude petroleum.
Most of these countries have a lot of food security challenges most especially with a growing population that is increasingly depending on imported food. This challenge in the food supply chain have a way of crippling the further development of the country's economy. With the application of blockchain security, there is going to be some revolutionization in the agricultural industry.
This article bases its focus on the benefits of blockchain security in the;
- Production and productivity of food and crops.
- Food supply chain.
- Agricultural finance management.
BLOCKCHAIN SECURITY Blockchain security is a transaction ledger that has bring innovation to so many industries through smart contract. One industry that blockchain security implementation is ideal is the agricultural industry.
Blockchain uses Internet Of Things as its security and they both can help revolutionize the agricultural industry.
BENEFIT OF BLOCKCHAIN SECURITY IN PRODUCTION OF FOOD AND CROPS
With the increasing population, IoT which serves as the blockchain security can help in feeding this increasing population by;
Building a system which helps in monitoring the crop field using sensors. This sensors generate data that enables farmers to make well-informed decisions towards the growth of the crops.
Make use of automated learning algorithms which provides the generated data with some predictive models that predicts the yield of crops, predicts the crop demand and gives a clear GrowScore of crops. These datas, when stored in the blockchain will give everyone that participate in the agricultural market transparent access to these insightful information.
BLOCKCHAIN SECURITY IN THE FOOD SUPPLY CHAIN
Food supply chain management has become challenging for both the food producers and the retailers to confirm the origin of these food. But the emergence of blockchain in conjunction with IoT has bring the conception of trust and transparency in the food supply chain ecosystem, ensuring the safety of food for every person.
BENEFITS OF BLOCKCHAIN SECURITY IN THE FOOD SUPPLY CHAIN
Bidding can fraudlessly be done hassle freely on the blockchain through smart contracts.
After circulation of the grown crops to the food processing company, the company captures every processing step and stores the information on the blockchain.
The stored information enables both the wholesalers and retailers to determine how good the quality of the delivered food by the processing companies is.
Compliance to every step in the food supply chain can be traced through the data stored in the blockchain.
Consumers can investigate or explore everything about the food by backtracking the supply chain. Everything such as; the expiration date, details of the farm origin, batch numbers, the temperature for storage, data of the factory, transportation details, etc. This backtracking is possible because all this information was digitally linked on the blockchain.
When and how food is contaminated can easily be figured out on the blockchain because of its transparency feature.
BLOCKCHAIN SECURITY IN MANAGING AGRICULTURAL FINANCE
Amongst the so many problems facing the financial aspect of agriculture are lack of transparency, credit histories and contract enforcement difficulties. All of these problems can be curtailed on the blockchain.
BENEFITS OF BLOCKCHAIN SECURITY IN AGRIC. FINANCE
Blockchain will allow all the involved parties to access every step of the transaction transparently.
It can serve as a verifier for every transaction that has been recorded, as it has the ability to store and keep information secured permanently.
During auditing, auditors can easily use blockchain ledgers to verify transactions rather than ask famers and retailers to prepare and send in their reports analogically.
It ensures fairness when farmers wants to get their payment since it is a smart contract.
CONCLUSION Blockchain is growing technology that has bring revolution to many industries. Its emergence has curbed a lot ambiguities that has long existed. Implementing blockchain security in the agric. industry will bring a vast innovation to the global agric. industry which is worth over 2.4 trillion dollars.
"Today's problems cannot be solved at the same level of consciousness that created them." Albert Einstein
So to break out of some of the agricultural challenges, blockchain security is an ideal option.
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