Conclusion
Blockchain enabled solutions are a much-needed technology for tackling
critical problems existing in the agricultural industries of both
emerging and developed economies. Additionally, blockchain provides a
bridge within the agricultural infrastructure space to deploy other
technologies into the industry. With the service sector overtaking the
agricultural sector in 2009, which bids poorly for the industry that
forms the bedrock of food security and thus the survival of humankind,
timing is ripe for an overhaul of the industry. While multi-layered
challenges exist, including product novelty, government regulations, and
key assumptions in technology, the results of certain use cases clearly
show that blockchain effectively addresses industry problems better than
models enabled by alternative technologies or the current brick and
mortar processes. Use cases also show that the utilization of blockchain
along with other technologies will address critical problems pertaining
to the agricultural industry in the future. Emerging economies are bound
to benefit most from the utilization of this technology because there is
a symbiotic combination of necessities and disruptions within the
existing system and models. Lastly, blockchain is not a duct tape
solution to every existing problem in the current agricultural industry,
but it is a definite catalytic tool that is ready and well-suited to
accelerate the industry for economic growth, increased production, and
better management output.
References:
- Agricultural Lending Version 1.3 by The Office of the
Comptroller of the Currency
- Agricultural Sector Risk Assessment: Methodological Guidance for
Practitioners by Vikas Choudhary, Stephen P. D’Alessandro, Åsa Giertz,
Kilara Constance Suit, Traci Jeanette Johnson, Tobías Baedeker, and
Ricardo Jorge Caballero from The World Bank
- Agriculture for Development: New Paradigm & Options for Success
by Alain de Janvry
- Global Agricultural Performance: Past Trends and Future
Prospects by Mette Wik, Prabhu Pingali, and Sumiter Broca at the World
Development Report 2008
- The Future of Food and Agriculture by FAO