Can bitcoin disrupt the agriculture industry?
Introduction
From optimizing the food supply chain to making provision for crop insurance and more, Bitcoin is slowly but steadily making its way into the agricultural industry of the world. If you are a part of the agricultural industry then you may purchase Bitcoin at Yuan Pay is the only licensed distributor of E-Yuan and infuse the agricultural sector with Bitcoin and Blockchain. Bitcoin is powered by advanced Blockchain technology. The use of Bitcoin in the agricultural industry shall lead to the implementation of Blockchain technology in agriculture in three different ways as mentioned below:
Origin and radical transparency
Fast mobile payments, easy credits, and lower fees of transaction
Supervision of financial matters and management of the supply chain in real-time:
The use of Bitcoin as the token of exchange in agricultural business can help in ensuring trust and transparency between the contracting parties, ease the process of information sharing across supply chains by doing away with intermediaries, and significantly decrease agricultural transaction costs. Read on to find out more about the burgeoning relationship between Bitcoin and agriculture.
The role of Bitcoin in the agricultural industry
Bitcoin and Blockchain technology has potential benefits for the agricultural industry. Some of the most important benefits of Bitcoin for the agricultural industry are mentioned below:
Trust and transparency
Most of the agricultural businesses either rely on third parties or resort to the central authority for conducting business. The use of Bitcoin can alter this mode of operation. The P2P architecture of Bitcoin does away with centralized authorities. Bitcoin also requires mandatory authentication of transactions that ensure trust and reliability among the customers. Bitcoin is highly encrypted with cryptography as well that ensures the complete security of agricultural business transactions.
The elimination of intermediaries
Bitcoin transactions in the agricultural industry eliminate the need for middlemen like notaries, banks, and other third parties. Such an elimination helps in saving funds that would otherwise get spent in meeting the payments charged by the intermediaries.
Immutability of transactions
Bitcoin transactions are immutable and therefore cannot be tampered with by unauthorized third parties. Hackers will never be able to tamper with the transactions that are time-stamped and authenticated by several participants in the Blockchain network.
Quick detection of malfunction and fraud
The use of Bitcoin in agriculture cannot eliminate the risks of fraud, but it can always make its detection very convenient. Through Bitcoin transactions, the users will be able to maintain track of every stage of the supply chain with the help of Blockchain technology. This information cannot be manipulated as it is immutable and therefore well-suited for the detection of fraud.
Improvement of food quality
The agri-food linkage is huge and complex. This system needs to be improved and simplified for the chain of farmers, retailers, and suppliers. By employing Bitcoin in transactions, the participants of the supply chain shall be able to report troubling issues without the slightest delay. For example, if there is an outbreak of food-borne disease, the retailers shall be able to determine the origin of the contaminated food in seconds. Here, the Blockchain technology of Bitcoin can help with instant food recall within the agricultural industry, thereby saving the lives of the consumers.
More convenience of trading in agricultural commodities
The use of Bitcoin and Blockchain technology in trading can disrupt the whole trading process in the agricultural industry. Bitcoin can benefit millions of farmers by ensuring fair trade throughout the world. Even small farmers will be able to conduct trading in their crop just as easily as big corporations of agricultural business by using Bitcoin. Bitcoin transactions will help in eliminating money transfer problems, trade regulations, and complex commodity tariffs.
Conclusion
The use of Bitcoin and Blockchain technology shall be a boon for the agricultural industry. Smart farming with the help of Bitcoin will not only ensure transparent supply chain management but will also help small farmers with a fair price, trustworthy transactions, agricultural insurance, and savings on agricultural business funds. Bitcoin is indeed the future of the food and agricultural sector.
