At the end of 2007, the idea of the blockchain became a huge deal due to the fact that it was used for one of the biggest economic steps taken the very same year. The development and farming of cryptocurrencies and in particular BitCoin. The technology behind blockchains, however, is not limited to cryptocurrencies. The nature of the technology makes blockchains adaptable to many different types of industries and Agriculture is one of them.
Before we explain exactly how blockchains can affect agriculture we should first be able to understand what blockchains are. The blockchain technology is basically a decentralized record keeping system or better yet a framework that is used in order to produce different types of software that does multiple different tasks. Tasks like trading Bitcoin or completing some sort of sale.
The reason why blockchain systems are so popular is that they can offer security and at the same time instant verification, eliminating the middleman, usually governments, banks, and other power-entities. Now, this is something that, among other things, can save a lot of time when it comes to online economic exchanges, database creation, record keeping and many more.
In other words, every type of industry could benefit from blockchain technology in many different ways. Agriculture is a big industry with so many products being circulated on a daily basis. The amount of money going back and forth makes this one of the most expensive and profitable industries worldwide. And a large amount of that money is lost due to the implication of third parties. At the same time, it takes a ridiculously long amount of time for products to be packed and transported around the world, although that is certainly not necessary.
This is where blockchain technology comes in. Imagine being able to order products for your agricultural business and instead of waiting days or even weeks for the process to be completed, the payment would be accepted immediately and you would receive the products within just a few days. Imagine not having to pay an obscene amount of money to order one particular product because there is no middleman that needs to be paid.
This is what the blockchain can do for big industries and it is certainly going to be able to do this for agriculture. This kind of technology can help advance and innovate the world of agriculture. It has already started. It just remains to be seen, what will happen in the future for agriculture and the blockchain technology.