How Is Blockchain Helping The Agricultural Sector Grow?

We have previously discussed the benefits of blockchain in agriculture. The technology has the potential to make the process of tracking agricultural products extremely convenient.

This fact has recently been accepted by Malaysia, who have now decided to implement blockchain technology in the country. The state of Penang in Malaysia is now convinced, that blockchain technology could help with supply chain management and tracking, with regard to food and agricultural products.

It is now apparent that more and more countries are embracing the idea of blockchain, in the agricultural sector, along with its implementation in many other industries.

Few of the obvious benefits that blockchain can guarantee here are allowing consumers to check the origin of the product that they are buying, scanning the quality of the product, and maintaining a proper record of the entire journey of the product that can be viewed publicly.

Blockchain offers an advanced level of security which makes it such an important innovation. One of its biggest advantages is that no data stored on the blockchain can be tampered with. This ensures a completely secure and transparent database of records.

Other factors like eliminating the need for middlemen, will drastically bring down the costs of managing and tracking the produce.

Malaysian officials are not the only one talking about blockchain’s potential usefulness in the field of agriculture. The French president Emmanuel Macron too recently pointed out the potential that blockchain possesses in revolutionizing the agriculture sector.

The Chinese government, on the other hand, has issued a paper called “Guiding Opinions on Rural Service Revitalization of Financial Services,” which hints at how blockchain could help the country “improve the identification, monitoring, early warning, and disposal levels of agricultural credit risks.”

It is truly a boon for the agricultural sector and can really boost the industry, making it more scientific and technologically advanced.