Agriculture is proving to be one of the most promising sectors for the growth and implementation of blockchain technologies. The mammoth industry suffers from a number of endemic issues. Agricultural trade relies on complex relationships between farmers and retailers, as well as convoluted supply chain procedures which can complicate payments and product providence. As demand for agricultural trade becomes increasingly international, suppliers and innovators alike are looking to bring the trade into the twenty first century by capitalising on blockchain’s distributed ledger technology.
One of blockchain’s most commonly promoted attributes is transparency. GlobalData’s How Britain Shops survey reveals that consumers are increasingly concerned with the quality of the food they purchase from retailers. In a time where knowledge about food and nutrition is rapidly expanding, blockchain gives shoppers the ability to track the origins of store stock, helping them to guarantee purchasing a safe, quality product. Retailers and manufacturers are able to benefit from preventing flawed products from ever hitting the shelves by tracing information for individual items back to the farm where they were produced. Although this technology is in its early stages, the French retailer Carrefour (PA:CARR) has implemented blockchain to display information about their free-range chickens, the Retail Insight World reports. Customers have access to a plethora of data about their fateful chicken of choice, including the time it was laid, the hatchery and the name of the farmer.
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