These 8 Blockchain Startups Shaping the Agricultural Industry
The market for blockchain technologies in agriculture is predicted to increase from $41.2 million in 2017 to roughly $430 million in 2023, reflecting a remarkable 47.8% compound annual growth rate (CAGR). The Blockchain is already changing how the industry does business by lowering the risk of fraud, increasing transaction speeds, assisting farmers with crop control and analysis, and much more. These 8 blockchain startups are redefining the innovations in the sector.
AgriChain – A blockchain firm dedicated to enabling peer-to-peer agriculture transactions and processing without the use of intermediaries.
AgriDigital – For the worldwide grains sector, a blockchain-based and integrated commodity management solution. Through smart contracts, the platform aids in the processing of complex agricultural transactions.
AgriLedger – A social entrepreneurship project in the United Kingdom that assists farmers in tracing food sources, obtaining simpler financing, and storing transaction data.
Demeter – A central center for renting and farming micro fields anywhere on the planet, without the need for intermediaries, complexity, or the overhead of a large corporation.
Etherisc – Farmers may get crop insurance through a blockchain startup’s decentralized insurance applications.
Ripe – The business harnesses excellent food data to develop the Blockchain of Food — tracking the food journey – by establishing a transparent digital food supply chain.
TE-FOOD – To track animals, transporters, and fresh food shipments throughout the supply chain, identification tools are used.
Worldcovr – Provide crop insurance to safeguard against yield loss by employing satellites to monitor rainfall and automatically trigger payouts.
How is Blockchain Transforming the Agricultural Sector?
Our team of innovation experts performed comprehensive research into the possibilities of Blockchain in the agricultural market, interviewing over 150 agricultural businesses.
Food Supply Chain Optimization
It is critical to provide information about the sources of food goods to maintain customer loyalty and confidence. Any fruit or vegetable grown locally from a neighboring farm can be made safe to buy using Blockchain.
Food retailers do not have an efficient way of confirming that all items were cultivated under the conditions stated by a certain supplier in traditional supply chains. That’s why retailers like Walmart, Unilever, and Carrefour are already using Blockchain to track the origins of food products.
Furthermore, the time it takes to trace the origins of food is drastically reduced. Taking Walmart as an example, tracing the origins of their mangoes took nearly a week. This time is reduced to just 2 seconds, thanks to the Blockchain. Limiting the time it takes to track a product’s source is critical if it fails to meet a retailer’s requirements, as it allows merchants to isolate the product more immediately, reducing the danger of human injury.
In agriculture, Blockchain has a unique opportunity to simplify transaction processes and level the playing field for small-scale farmers and crop growers, particularly in low-income areas. Every year, it is estimated that $940 billion worth of food is wasted around the world. This is because farmers and growers in less developed countries do not always have access to large marketplaces, preventing them from selling all of the food they produce.
AgUnity is a blockchain business addressing this problem by providing small players with access to their proprietary blockchain-based platform for exchanging agricultural products and establishing confidence among market participants. Individual market participants can form tiny co-operatives and collaborate using their products. Another advantage of Blockchain for agricultural producers is the potential to fix pricing more efficiently and effectively. This enables them to adjust their output to the demand for their products.
Smart contracts in agriculture have a unique application in that they assist farmers in insuring their crops and filing claims with insurance firms. Normally, the process is excruciatingly lengthy and burdensome for both the farmer and the insurance company.
Unpredictable weather events make it difficult to quantify and quantify the precise damages that they produce accurately. This opens the door to fraud and turns the process into a logistical nightmare. The damage claim can be triggered by changes in weather conditions that fulfill particular criteria by bespoke smart blockchain contracts, making the process easier for farmers and insurers.
Organic and locally produced goods are in high demand. Consumers may trace their product’s journey from farm to table using blockchain technology. It also includes information about when and how a commodity was collected and who produced it. This even goes so far as to display to customers in real-time the field their grass-fed beef, among other goods, was reared in. The information recorded on the Blockchain is unalterable, making it a credible source of data forgery-proof.
In agriculture, Blockchain has proven to be a technology that can re-engineer many existing processes, including transaction settlement, food traceability, client demand tracking, and the creation of new marketplaces. Keeping up with the latest innovations in agricultural operations is as difficult as it is necessary for the sector’s improvement.
Given the rapid advancement of this technology, staying up to date on the most recent innovations in the industry has become essential for staying ahead of the competition.