Blockchain: To improvise economic efficiency and supply chain management in agriculture

Abstract

As the population of the world is growing at a rapid pace. By 2050, projections show that there will be 9.2 billion people on the planet that needs to be feed. Farmers need more sustainable and productive ways to be employed to seize a prominent place in the market with compelling profits. One effective way to do that is by using Blockchain to eliminate the middleman and scaling the product effectively. A Blockchain is a distributed and immutable ledger that holds a permanent record of transactional data. It operates as a decentralised database managed by the peers in the network eliminating the middleman. Blockchain helps the farmers to secure more profits, achieving them at least 30% more than what they are earning by currently followed conventional techniques. Especially in the Indian market, the price gap is high between producer and retailer due to the intervention of a middleman. Blockchain not only increases the profits but also ensures the authenticity of the product in real time, providing the customers and peers more information about the product as it is easier to trace the details of the product back and forth through the chain. This also enhances and regulates the price variations providing farmers with the best price they can expect for their product. This will gradually increase the involvement of more people and drives more investors towards the agriculture industry, funding more agriculture-based businesses increasing food production that can be able to feed the massive population sooner.