Challenges faced by the agriculture industry
Food waste
On average, 33% of food produced is wasted, with an average of 75% of waste occurring during production, transport, and storage (as per FAO).
Unknown origins
Consumers find value in tracing their food’s provenance, so retailers and suppliers find value in providing them with that information.
Food fraud
FAO states that food fraud costs the agriculture industry $10bn+ a year, affecting up to 10% of the world’s food supply.
Untraceable supply chains
Items get lost in the supply chain, are inappropriately warehoused, transported, and handled, or their authenticity cannot be verified.
Inefficient payment processing
Cross-border payments involve fees and delays, while small interparty transactions are hampered by slow, expensive, and insecure payment systems.
Subsidy management issues
Agricultural subsidies are complex, opaque, and difficult to manage. Both governments and farmers struggle to overcome these challenges.
Internet-of-Crops Platform:
an IoT-based solution for tracing cereal supplies
Aetsoft implemented blockchain technology in Centaur AG’s Internet-of-Crops Platform, an agriculture logistics solution for tracking the provenance of crop supplies. Every asset in a supply chain is connected to IoT trackers and has a unique ID recorded on an immutable, hack-proof distributed ledger.
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Blockchain solutions for agriculture from Aetsoft
Traceable provenance
Track each item from its origins through warehousing and transport to the shelf, and show consumers that information.
Supply chain transparency
Know where each item has been stored, when and how it has been moved, and under what conditions.
Rapid payment processing
Tokenize payments to ensure fast, secure, and cost-effective operations by enabling multiparty microtransactions with negligible fees.
Subsidy management
Blockchain can make allocation, uptake, and usage of agricultural subsidies more trusted by increasing transparency and creating an immutable record of activity.
Inventory oversight
34% of all food waste occurs before food leaves the farm (as per FAO). Manage farm inventory efficiently with blockchain-enabled IoT and automated record-keeping.
Fraud prevention
Trace each item back to its source through a verifiable chain of processing and know for sure it’s what it should be.
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Contact usBlockchain applications in agriculture
Use case 1. Improved procurement tracking
Currently
Actual procurement tracking between sellers and buyers depends on third parties that only complicate and prolong the entire process, while practically not securing it.
With blockchain
Blockchain simplifies the monitoring and validation of commodities by replacing intermediaries with automated smart contracts.
Use case 2. Condition control of crop supplies
Currently
Farmers have to deal with unpredictable weather conditions, so monitoring and forecasting such factors as excessive rains or, otherwise, drought are crucial for crop survival.
With blockchain
With a proper blockchain solution, farmers can monitor physical conditions of crops in real-time to detect any deviations and take preventive measures promptly.
Use case 3. Reliable crop insurance
Currently
Growers that yet fell victim to damaged crops have to apply for insurance companies, which might be a long process and eventually not guarantee them reimbursement.
With blockchain
Automated smart contracts protect insurance deals against fraud and human error, so solicitations become fast and reliable.
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