Bitcoin Global News (BGN)
March 19, 2019 -- ADVFN Crypto NewsWire -- The U.S. state of Colorado continues a string of blockchain technology related advancements with new research going into how the technology could be applied to agriculture in their state. Blockchain is widely known for its applications to the supply chain industry, where it can combine data for the transition of products from the supplier to the customer with payment as it moves along.
Along with other emerging technologies such as AI and IoT, a blockchain network can vastly reduce the traditional workload for traditional industries still processing physical receipts and using bank transfers that can take up to one week to clear. The state of Colorado is making a fairly general attempt at bringing the potential benefits to agriculture in their state with a new bill, but outlines several of the most pressing concerns:
“Study of potential applications for blockchain technology in agricultural operations”
(a) traceability of product origin from farm to shelf
(b) inventory control
(c) monitoring of in-field conditions, including weather, soil quality, and the functioning of irrigation equipment sensors
(d) maintenance records for production and transportation equipment
(e) data verification and certification of organic products
(f) tracking and ordering of input resources such as fertilizer and seed
(g) asset exchange, including payments for sales and storage of products
Essentially the most broad applications of blockchain technology can be focused in on the most vital aspects of the everyday functions of moving agricultural products from the field to the consumer. Using a blockchain network, the newest technologies for sensors that track the details of a product’s environment such as temperature and humidity can be broadcast live to a public network so that there is complete transparency in the supply chain.
For products that pertain to certain certifications, such as organic produce, use of a blockchain network can provide even further assurance to the customer. Just like the technology is being used to prevent counterfeit products, the same processes will be used to make sure that agricultural products are what they portend to be.
By: BGN Editorial Staff