BBP NEWS: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding).
Business runs on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members. A blockchain network can track orders, payments, accounts, production, and more. And because members share a single view of the truth, you can see all details of a transaction end to end, giving you greater confidence and new efficiencies and opportunities.
How Blockchain can help farmers ?
The agricultural business has revolutionized in recent years but still faces multiple handles. The supply chain has been faced with a non-transparent, inefficient, and non-communicating network made up of processes, data, actors, and products. Disconnection and lack of transparency complicate issues of fair pricing and quality of products.
The need for data integration has resulted from regulatory pressure, scandals, and food crises. Transfer of funds to business partners in other countries without delay or worry of fraudsters. Blockchain will play an important role in supply chain intelligence for technology that facilitates easy traceability of product information.
Reduced transaction and fair pricing.
Reduces human error.
Better access to financial grants and loans.
Use in crop insurance.
How can Blockchain will become a One-stop solution for farmers ?
Blockchain helps farmers minimize future losses by availing relevant data regarding the type of crop and possible diseases to attack the crop. It builds trust and decreases buyers’ default which leads to 43% wasted food produced. Better access to financial grants and loans. Let us consider how blockchain technology can empower farmers by providing them a path forward from within this system. First, access to blockchain- powered supply chains grants smallholder farmers the ability to offer verifiable evidence, not only of their production history across harvests but also of any good farming practices or certifications they might have obtained. Second, a novel use for a blockchain- powered supply chain is that microfinance institutions and other lenders can look to this network for proof of these claims. This could enable them to collect alternative data from which they can analyse and construct credit scores for these smallholder farmers.
This blockchain powered alternative credit system would provide greater access to more farmers, as mobile phone use is widespread across the Global South. While financial services may only be available to city-dwellers or those able to travel to a nearby cosmopolitan hub, anyone with access to a mobile phone can engage with and use a blockchain network. Further, the collection and storage of vital information about good farming practices and certification, offered on chain, enables famers to make provable claims along the supply chain and to consumers, a major selling point in today’s economy.
KriDarp is a Kolkata-based Agritech startup. KriDarp, over a year after its founding in 2022, developed state-of-the-class technology on Blockchain & AI for the Agriculture domain and its allied sectors. KriDarp was awarded by the Business Awaz for the best Agtech startup of the year. KriDarp closely works with several native governments and United Nations for its SDG initiative.
Contact: KriDarp – Ae Agrovet Solutions
Email: firstname.lastname@example.org / email@example.com