According to the Worldometer, there are currently 7.8 billion people in the world and the count is increasing. The World Bank estimates that this number will steadily rise to 97 billion by 2050 and 11.2 billion by 2100.
With such a growing population, it is clear that the demand for food will increase significantly. To meet the food demand of the world population, the agriculture industry is adopting technology to meet the demands through innovative production.
The agriculture sector is huge, that is why it has to face many challenges which infect the sustainability of the industry. From labor work to competitive marketplaces, every issue must be addressed, otherwise the ecosystem may fall apart.
Blockchain can help the agriculture and food sector to anticipate and manage threats and maintain affordability across ecosystems. Below are some facts that state the use of blockchain in agriculture and its forecast in the coming years.
According to the data, the global market cap of blockchain in the food and agriculture market which was around US$32.2 million in 2017 is projected to grow to around US$1.4 billion by 2028.
Reportlinker.com in its report ‘Blockchain in Agriculture and Food Supply Chain Global Market Report 2021: COVID-19 Growth and Change’ states that the global blockchain in agriculture and food supply chain market grew from $128.87 million (2020) to $189.48 in 2021. million dollars is expected.
The same report also states the expected market reach to $886.18 million in 2025 at a CAGR of 47.1%.
As we know that every coin has two sides, similarly every subject or product has two sides. The increasing difficulties in the agricultural sector are making it impossible to take care of sustainability. Similarly, the use of blockchain in agriculture could improve this situation for good. Let’s read below how blockchain has become a boon for agribusiness. But, let’s start with what is blockchain agriculture first?
What Is Blockchain Agriculture?
In a layman’s language, blockchain agriculture means the use of blockchain in the agriculture sector to improve operational processes and achieve profitable results. The use of blockchain in the agriculture sector ranges from making a sustainable business and waste reduction, informing consumer purchase decisions, smoothing future transactions with fraud elimination.
A new word has emerged in the marketplace, Smart Agriculture. Smart agriculture involves the reduction of environmental impact through the use of natural resources and the execution of ICT (information and communication technologies), blockchain, and other modern technologies for collecting and analyzing data.
How Is Blockchain Used In Agriculture?
Traditional frameworks with Core Control are often vulnerable to data corruption, as the authority running the framework can be one-sided and looks to accomplish certain consequences by inputting incorrect data. Such platforms are often liable to cyber attacks. Entrepreneurs are moving to blockchain and understanding the work behind it for security and ease of transactions.