What Are The Benefits Of AI And Blockchain Technology In Agricultural?
The most known application of blockchain has displayed in the form of cryptocurrencies. Nevertheless, there are several sectors where the integration of open ledger technology can result in tremendous gains in productivity. The world is already seeing benefits of utilizing blockchain in the financial technology sector, the healthcare industry, the supply chain segment, and the retail market, among others.
Nevertheless, one less fascinating segment where the blockchain can bring tremendous benefits to the board is the agriculture sector. Given the evidence that agriculture is one of the fundamental cornerstones for the survival of human beings, it is required to do well in terms of production and efficiency.
For a sustainable future, the importance of the farm sector cannot be exceeded. The integration of blockchain in the agriculture sector can occur in several benefits for both farmers and end-customers. While the producers will be benefited in terms of intensified productivity, customers will be able to track all the data that is required to make an informed purchase.
Coupled with the internet of things (IoT) devices and artificial intelligence (AI), blockchain technology can do miracles for the agriculture sector.
AI and its importance
It is significant to note that along with blockchain, the application of AI in the agriculture sector can multifold the advantages. There are some specific applications of AI that can prove remarkably beneficial for farming.
Take, for example, the soil and crop monitoring system, which supports the farmer to early identify specific kinds of disease patterns in the crop and accordingly suggest the healing measures to overcome these issues.
Furthermore, we are observing a large number of companies coming in the field of predictive analysis to help producers make more well-informed and intelligent decisions based upon the data aggregation and its subsequent analysis.
Some of the practical illustrations include image recognition in potatoes, aiding the process of field notes with the language kit, a smartweed control system, and satellite-based prediction analysis.
All these applications have the potential to modify the face of the agriculture industry. Still, the most significant issues that are keeping farmers from applying these innovations incorporate the cost factor and lack of awareness.
If government agencies and corporations can come together to present affordable solutions in this regard, AI adoption can certainly improve agriculture productivity many times over.
Blockchain Application in the Farm Sector
The specific application of the blockchain in the agriculture industry concerns to the storage and distribution of data over the food supply chain. This is notably important for the commercial success of the crops and to ensure that producers get a fair amount for all their hard work and labor.
Unlike the centralized system, the data in the blockchain technology is saved in blocks and distributed throughout the participating nodes. As the information becomes possible for all the stakeholders included in the specific food supply chain, it is far easier to improve the efficiency and crop production as everybody will have the data and information needed to do so.
The growing concern of consumers about the quality and safety of the consumables is something that requires to be addressed to assure the financial viability of the farming sector. Nevertheless, given the complexity of the supply chain and distribution in the food industry, it becomes challenging for the companies as well as consumers to keep track of the source or provenance of the supplies.
It is precisely where the application of blockchain can solve the issue seamlessly.
Blockchain and AI: Integrated Application for Agriculture Sector
With the help of IoT devices and AI technology, blockchain can efficiently trace and process data linked to food items right from their source to the end consumer. This will be very useful in driving the faith of customers and improving the transparency of the whole supply chain in the long run.
The collaboration between AI and blockchain is required to achieve optimum results. While the former technology will help in better prediction and field productivity, the latter will assure that data is distributed transparently to summon confidence and transparency in the system.
The integration of AI with blockchain technology is required to reap maximum benefits in the agriculture sector. Both these innovations can work in combination with each other and have the potential to bring enormous benefits for all the parties involved in the process.
Right from the producers to food processing companies and from retailers to end-consumers, every stakeholder included in the supply chain can reap profits from the application of AI and blockchain in the farm sector.