Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations. The demand for food and growth of the agriculture sector are considered inherent factors and strong pillars of the economic growth of any country. The primary application of blockchain technology was for cryptocurrencies, but nowadays it is gaining momentum in the supply chain market to track the journey of a product from start to end. It finds several potential applications in these sectors, some of which have already been explored. Nowadays, groups of leading retailers, food companies, growers, and IT solution providers are collaborating together to strengthen consumer confidence in food products.
The major applications of blockchain technology in food and agriculture include product traceability, tracking and visibility, payment and settlement, smart contract, governance, risk, and compliance management. Since the implementation of blockchain technology in food and agriculture is at a nascent stage, there is a lack of awareness among industries about the benefits it can offer.
According to a recent study by MarketsandMarkets, the global blockchain in agriculture and food supply chain market is projected to grow at a CAGR of 47.8% to reach USD 429.7 million by 2023 from an estimated value of USD 60.8 million in 2018. North America is estimated to account for the largest share of the global blockchain in agriculture and food supply chain market in 2018, due to the presence of major companies such as IBM (US) and Microsoft (US).
IoT and blockchain technology to redefine the food and agriculture industries
- The Asia Pacific region is projected to be the fastest-growing for the blockchain in agriculture and food supply chain market, at a CAGR of 53.1% between 2018 and 2023. The increasing investments by major companies and governments, digitalization, growing internet penetration, and the rising demand for traceability, to avoid losses from food contamination are the drivers of the Asia Pacific blockchain in agriculture and food supply chain market.
- Key players in the North American region are witnessing increased adoption of leading technology solution and product innovation in the agriculture industry, due to which it holds a leading position in the global blockchain in agriculture and food supply chain market.
- Europe is gradually advancing toward the incorporation of these technologically advanced solutions within its large enterprises and SMEs. The blockchain technology in the future is projected to cater to the requirements of consumers related to product transparency, product labels, along with more information of products labeled as organic, locally sourced, cruelty-free, and GMO, which food processors claim. However, regulatory instability and implementation of the General Data Protection Regulation (GDPR) is projected to impact the market growth in the European region.
- Even though the blockchain revolution started in the banking, financial services, and insurance (BFSI) industry, as well as the food, and agriculture supply chains are going through disruptions due to the increasing blockchain applications. Blockchain coupled with IoT (Internet of Things) is reshaping the food and agriculture industries. Hence, the increasing popularity of blockchain technology among retailers and other stakeholders is projected to create opportunities in the market.
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Growing adoption of the blockchain technology by players:
There are a number of players such as Walmart, Nestlé, and Schneider who have implemented or are willing to implement blockchain in their processes. Some of the major uses of blockchain technology in the food and agriculture supply chain have been covered below:
CASE 1: PROVENANCE CONDUCTS A PILOT STUDY FOR TRACKING THE ORIGIN OF TUNA FISH FROM INDONESIA
CASE 2: ORIGINTRAIL AND TAGITSMART TIE UP WITH PLANTAZE TO TRACE WINE WITH SMART SENSORS
Case 3: FOODCHAIN TIES UP WITH CAFFÈ SAN DOMENICO TO STUDY THE STORY OF THE COFFEE
CASE 4: IBM TIE UP WITH WALMART (US) TO TRACK PORK IN CHINA AND MANGOES IN US TO ENSURE FOOD SAFETY
CASE 5: ARC-NET TIES UP WITH IRELAND CRAFT BEERS (ICB) TO TRACK THE AUTHENTICITY OF ITS WINE
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