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Thursday / February 22. 2024
HomeAgrotech Blockchain and its Impact on the Agri Value Chain

 Blockchain and its Impact on the Agri Value Chain

 By Jatinder Alagh, Chief Technology Officer

The supply chain is always a complex task to manage the integrity, accountability, traceability, and quality of the products. The agriculture and food supply chains are more important than any other supply chain. Due to the lack of proper management in the agriculture and food supply chain, many unauthorised small agriculture and food organisations produce false products that are harmful. The modern supply chain is useful to prevent potential fraud a guarantees trade compliance. Blockchain that uses a decentralised ledger to store the information, and this information cannot be changed or modified, solves the problem of complexity in the agriculture and food supply chain.

The agricultural supply chain is a complex network involving farmers, processors, distributors, and consumers, often with numerous intermediaries in between. One of the core challenges in the agricultural industry due to this diversity and fragmentation is the lack of trust, and in our experience, the only means to combat distrust is through transparency.

For this reason, we started developing India’s first public agri-blockchain ledger to provide complete visibility and traceability and build complete assurance for all stakeholders in the agri-value chain. A world where every transaction is secure, transparent, and immutable – That’s what we hope to offer our stakeholders through the blockchain.

What is Blockchain

Blockchain technology is like a digital ledger that keeps a record of transactions or other data across a network of computers. It’s like a chain of digital “blocks” that contain information. Once a block is filled with data, it is chained onto the previous block, creating a timeline of data that is very difficult to alter. This is because each block contains not only details of a transaction but also reference information about the block before it, plus a unique code (called a hash) that is created based on the information in the block itself.

This makes blockchain a secure way to store and manage data, and it’s the technology behind cryptocurrencies like Bitcoin. Blockchain aims to reduce fraud, maintain tamper-proof records and streamline transactions and hence is gaining momentum across industries. It is being used to ensure the privacy and reliability of health data, land registry and property management, enhance security in financial institutions and reduce costs of operations like fund transfers and international transactions.

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