Agribusiness is being disrupted by 8 Blockchain startups
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A remarkable 47.8% compound annual growth rate (CAGR) is predicted to drive the blockchain technologies market in the agricultural sector from USD 41.2 million in 2017 to approximately USD 430 million in 2023.
To increase food safety, blockchain agriculture makes it possible to track information across the food supply chain. Traceability is created by the ability to blockchain to store and manage data, and it is used to facilitate the creation and distribution of intelligent farming and indexing innovations. Agriculture-based insurance.
By reducing fraud risk, speeding up transactions, helping farmers with crop control and analytics, and a host of other benefits, Blockchain is already transforming the business world. The innovations in the sector are redefined by these 8 blockchain startup.
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AgriChain:
A blockchain company committed to empowering distributed agricultural exchanges and managing them without the use of intermediaries.
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AgriDigital:
A commodity management system that is both blockchain-based and integrated for the global grain industry. The platform helps in the processing of intricate agricultural transactions using smart contracts.
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AgriLedger:
a project that uses social entrepreneurship to help UK farmers find where their food comes from, get easier funding and store transaction data.
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Demeter:
A focus community for leasing and growing miniature fields anywhere in the world, without the demands of delegates, entanglements or the above from a large corporation.
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Ethereal:
Through the decentralized insurance applications of a blockchain startup, farmers can get crop insurance.
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Ripe:
The company is creating the Blockchain of Food by using high-quality food data to establish a transparent digital food supply chain and track the food’s journey.
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TEA FOOD:
Identification tools are used throughout the supply chain to track animals, transporters and shipments of fresh food.
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Worldcover:
By using satellites to automatically trigger payments and monitor rainfall, crop insurance can protect against crop loss.
How is Blockchain changing the agricultural sector?
A team of innovators conducted in-depth interviews with over 150 agricultural businesses to investigate potential applications of Blockchain in the agricultural sector.
Optimization of the food supply chain:
In order to maintain customers’ trust and loyalty, it is important to provide information about the sources of food products. Using Blockchain, any local fruit or vegetable grown on a neighboring farm can be purchased with confidence.
In traditional supply chains, food retailers lack an effective method to verify that all produce was grown to a specific supplier’s specifications. Because of this, retailers such as Walmart, Unilever and Carrefour are tracking the origin of food using Blockchain.
In addition, it takes significantly less time to trace the origin of the food. Take Walmart as an illustration: it took almost a week to find where their mangoes came from. Blockchain reduces this time to just two seconds. If a product does not meet a retailer’s requirements, reducing the time it takes to trace the source is critical because it enables retailers to isolate the product more quickly, reducing the risk of human injury.
Important actions:
Blockchain has a unique chance to level the playing field for small-scale farmers and crop growers, especially in low-income areas, by streamlining transaction procedures. Food waste is estimated to amount to $940 billion each year worldwide. This is because farmers and growers in less developed countries are not able to sell all their produce. After all, they don’t always have access to large marketplaces.
By giving small players access to their proprietary blockchain-based platform for exchanging agricultural products and establishing trust among market players, blockchain company AgUnity addresses this problem. Individual market players can cooperate with their products by forming small cooperatives. Another advantage of Blockchain for agricultural producers is the possibility to fix the evaluation all the more skillfully and actually. They can adjust their production in response to customer demand as a result.
Crop insurance:
Seasoned contracts in horticulture have a unique application in that they help farmers guarantee the yield and document claims with protection companies. In most cases, the procedure is extremely time-consuming and time-consuming for both the farmer and the insurance company.
It is challenging to accurately quantify the exact damages caused by unpredictable weather events. This paves the way for misrepresentation and turns the cycle into a big mess. Personal blockchain smart contracts simplify the process for farmers and insurance companies by allowing the claim to be triggered by weather conditions that meet specific criteria.
Traceability:
There is a great demand for products made locally and organically. Using blockchain technology, consumers can track the product’s journey from farm to table. It also contains information about the manufacturer of an item as well as when and how it was collected. This even goes to such an extreme that it constantly shows customers the field their grass-fed hamburgers, among various goods, were raised in. Since the data stored on the Blockchain cannot be changed, it is a reliable data tampering proof source.
