The most known application of blockchain has manifested in the form of cryptocurrencies, although there are a number of sectors where the integration of open ledger technology can result in tremendous gains in efficiency. The world is already witnessing advantages of using blockchain in the financial technology sector, supply chain segment, the healthcare industry, and the retail market, among others.
However, one less glamorous segment where the blockchain can bring tremendous benefits to the table is the agriculture sector. Given the fact that agriculture is one of the important cornerstones for the survival of human beings, it is required to do well in terms of production and efficiency. For a sustainable future, the importance of the farm sector cannot be overemphasized. The integration of blockchain in the agriculture sector can result in a number of benefits for both farmers and end-consumers. While the producers will be benefited in terms of enhanced productivity, consumers will be able to track all the information that is required in order to make an informed purchase. Coupled with the internet of things (IoT) devices and artificial intelligence (AI), blockchain technology can do wonders for the agriculture sector.
AI and its significance
It is important to note that along with blockchain, the application of AI in the agriculture sector can multifold the benefits. There are some specific applications of AI that can prove extremely beneficial for farming. Take, for instance, the soil and crop monitoring system, which helps the farmer to early identify certain kinds of disease patterns in the crop and accordingly suggest the remedial measures to overcome these issues.
Similarly, we are witnessing a large number of companies coming in the field of predictive analysis to help producers make more informed and intelligent decisions based upon the data aggregation and its subsequent analysis. Some of the practical examples include image recognition in potatoes, smart weed control system, aiding the process of field notes with the language kit, and satellite-based prediction analysis.
All these applications have the potential to transform the face of the agriculture industry, but the most critical issues that are keeping farmers from using these innovations include the cost factor and lack of awareness. If government agencies and corporations can come together to provide affordable solutions in this regard, AI adoption can certainly enhance agriculture productivity many times over.
Blockchain Application in the Farm Sector
The specific application of the blockchain in the agriculture industry pertains to the storage and distribution of data across the food supply chain. This is extremely important for the commercial success of the crops and to make sure that producers get a fair amount for all their hard work and labor. Unlike the centralized system, the information in the blockchain technology is stored in blocks and distributed throughout the participating nodes. As the information becomes available for all the stakeholders involved in the specific food supply chain, it is far easier to enhance the efficiency and crop production as everybody will have the data and information required to do so.
The growing concern of customers about the quality and safety of the consumables is something that needs to be addressed in order to ensure the financial viability of the farming sector. However, given the complexity of the supply chain and distribution in the food industry, it becomes very difficult for the companies as well as consumers to keep track of the source or provenance of the supplies. It is exactly where the application of blockchain can solve the issue seamlessly.
Blockchain and AI: Integrated Application for Agriculture Sector
With the help of IoT devices and AI technology, blockchain can easily track and process information related to food items right from their source to the end consumer. This will be very useful in spurring the faith of customers and enhancing the transparency of the whole supply chain in the long run. In order to achieve optimum results, the collaboration of AI and blockchain is required. While the former technology will help in better prediction and field productivity, the latter will ensure that data is distributed in a transparent manner to evoke confidence and transparency in the system.
In order to reap maximum benefits in the agriculture sector, the integration of AI with blockchain technology is required. Both these innovations can work in conjunction with each other and have the potential to bring tremendous benefits for all the parties involved in the process. Right from the producers to food processing companies and from retailers to end-consumers, each and every stakeholder involved in the supply chain can derive benefits from the application of AI and blockchain in the farm sector.