The agricultural industry is immense and faces numerous challenges that impede its sustainability. According to Statista, a leading statistics website, the global blockchain market for food and agriculture will expand to 1.5 billion U.S. dollars by 2026. If these issues don't get addressed, the ecosystem may become destabilized.
The Internet of Things (IoT) has opened up several opportunities to modernize traditional agricultural activities. The concept of smart agriculture is gaining traction with the use of information and communication technologies.
We have seen the utilization of blockchain development in several industries. Sometimes we see a connection between blockchain and IoT in those industries. As an example, consider blockchain and IoT in agriculture. Infograins, a top blockchain development company, has provided blockchain development services to several sectors, including Agriculture.
Here's how IoT can Revolutionize the Agricultural Sector
Precision Agriculture: IoT sensors can facilitate the utilization of Smart irrigation techniques by monitoring soil moisture levels, weather conditions, and crop water needs. They allow farmers to irrigate and minimize water wastage efficiently. Moreover, they can provide the necessary insight to make informed decisions regarding planting, fertilization, and harvesting.
Livestock Monitoring: IoT sensors can track the health and behaviour of livestock, such as their feeding and drinking habits, which enables farmers to identify potential health problems and enhance the animals' welfare. Additionally, they can reduce labour costs as owners can find their cattle with the help of IoT-based sensors (wearables).
Pest management: IoT sensors identify the presence of any pests, such as insects or rodents, which enables farmers to implement effective strategies to manage their populations and mitigate any harm to their crops.
Autonomous vehicles: IoT-enabled autonomous vehicles can make planting, harvesting, and spraying crops easier. These vehicles can be programmed to operate independently, reducing the need for human labour and increasing efficiency.
Crop health monitoring: IoT sensors measure various factors, like leaf temperature, chlorophyll content, and canopy density, to monitor the health of crops. Farmers can use this data to identify potential issues such as disease or nutrient deficiencies and allow them to take corrective actions on time.
Supply chain management: IoT sensors can track and monitor the movement of crops and livestock from the farm to the market, thereby allowing farmers to guarantee the quality and safety of their goods and optimize their distribution.
Blockchain development provides transparency throughout thesupply chain, from the farm to the end consumer. It can ensure the quality and safety of products. It will also help farmers to make more informed decisions regarding their crops due to data such as crop yields, soil quality, and weather patterns. Furthermore, as we all know, blockchain can create an immutable record of a product's history, which can be beneficial for food recalls and informing consumers of the source of their food. Finally, it can facilitate secure and efficient payments between farmers, suppliers, and buyers, ultimately reducing transaction costs and increasing financial transparency.
In 2016, a group of farmers in Kenya used blockchain to trade maize directly with buyers, bypassing the need for intermediaries. The project reduced transaction costs by up to 30% and increased transparency by providing a record of all transactions on the blockchain. In 2017, Walmart piloted a blockchain project to track pork products from farms in China. The project reduced the time it took to trace a product from farm to fork from days to seconds. And in 2018, IBM launched a project called Food Trust that uses blockchain to track food products from farm to shelf. The project is currently being used by major food retailers such as Walmart, Nestle, Dole, and Tyson Foods.
GrainChain offers a comprehensive cloud-based,blockchain and IoT-enabled platform containing a selection of related products, such as Seed Audit (Pre-Harvest Management), SiloSys (Inventory Management), HarvX (Logistics) and Trumodity (Transaction Platform), to manage all aspects of pre and post-harvest operations. The security and traceability of blockchain technology, coupled with the efficacy and dependability of Smart Contracts ensure that producers receive payment promptly, buyers are granted instantaneous tradable title to commodities, and lien holders and other payees get paid first. Their patented solution is working to even out the playing field for all participants in the supply chain.
In recent years, blockchain development has impacted numerous industries, particularly the food industry. While there are many innovators in the field of blockchain, it is becoming increasingly evident that this technology has applications in the agricultural sector. With our team of experienced blockchain developers, we have been providing solutions in this field for years. Our team is well-versed in multiple high and low-level coding languages and various dependencies, allowing us to rapidly create, deploy, and continually maintain all kinds of private, public, and custom blockchain development solutions. Additionally, our team offers ongoing maintenance and integration services to ensure that all solutions remain functional and up-to-date.