Blockchain technology is quickly being adopted in a variety of applications. The use of blockchain in the agriculture and food industry, in particular, is one area of anticipated rapid adoption. This article looks at the use of blockchain in this sector and its growth prospects for the years ahead.
1 Blockchain technology is increasingly being used to track supply chain and quality
Blockchain is a distributed ledger that allows for secure, transparent, and tamper-proof tracking of transactions. This makes it an ideal solution for tracking the supply chain of agricultural and food products. Blockchain can be used to track the movement of goods from farm to table. It can also be used to track the quality and safety of food products.
2 Key benefits of blockchain in the agriculture and food industry
The benefits of using the blockchain for the agriculture and food market are as follows:
- Increased transparency and traceability in the supply chain
- Reduced fraud and product contamination
- Improved quality control
- Faster and more efficient transactions
These benefits are expected to contribute to the growth of the blockchain in this sector.
3 Blockchain in ag and food expected to reach $1.3 billion by 2026
Blockchain for the agriculture and food market is expected to reach $1.3 billion by 2026. The growth of blockchain in this sector is driven by the need to improve transparency and traceability in the supply chain.
4 Transparency and quality lead the shift
The main drivers of this growth are the need for transparency and quality assurance in the agriculture and food industry. Blockchain can be used to prevent fraud and improve product quality. It can also be used to track the movement of goods and ensure food safety. These are the main drivers of growth in blockchain in agriculture and the food market.
5 The blockchain market regions
The market for blockchain in agriculture and food is segmented into five key regions:
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Each of these regions is expected to experience different levels of growth in the blockchain in agriculture and the food market. North America is the most developed region for the blockchain in agriculture and food market. Europe is a close second, with Asia Pacific being the fastest-growing region. Latin America and MEA are at a nascent stage of development for the blockchain in agriculture and food market.
6 Key players in the ag and food blockchain
Some of the key players in the blockchain for agriculture and food market are:
- IBM
- Microsoft
- SAP
- Oracle
- Bitfury
- Ambrosus
These companies are investing heavily in the development of the blockchain in the agriculture and food industry. They are also partnering with other companies to bring the blockchain to the market.
6 Application market segments
On the basis of application, the market is segmented into:
- Supply chain management
- Payments
- Documentation
- Certification & Authentication
The supply chain management segment is expected to dominate the market during the forecast period. This is because of the increasing adoption of blockchain technology across various industry verticals for managing complex supply chains.
Conclusion
The rising awareness about the benefits of blockchain technology is driving the growth of agriculture and the food industry.