Future of the Industry
The future of the agricultural industry enabled by technology is promising. As explored in this publication, certain technologies can easily be positioned to enable the industry’s current scenario, while others hold promise in the long-run. Blockchain technology can present new opportunities in agricultural management, trends, and livelihood, along with areas that IBISA is currently tackling. A clear understanding of the technology by governments will bring about regulatory clarity, which will allow usage of internationally traded agricultural crypto-currencies. Supply chain and production will become more defined and efficient, thus creating new market opportunities. Due to financial and technological improvements through current processes within the agricultural industry, an emerging economy will provide new incentives to onboard technologies such as IoT, AI, Genetics, Biotechnology, and localized agricultural machinery. According to a report published by FAO (Food and Agriculture Organization of the United Nations), the total population of the world will hit 11.2 billion by the year 2100 and current food security needs will double.21 As emerging economies are positioned to oversee the largest rise in population, it is fair to say that the agricultural industry will carve out a massive chunk of the consumer economy in the future.