The latest business world news has caught the attention of the agriculture industry which stands at the verge of transformation because of the future blockchain technology. Indeed, it seems that this emerging technology will be in an upthrust in the agriculture which has been not taken care of very well in recent years. The peculiar features of blockchain can bring a groundbreaking change in their market share and gross margins. Some major shifts in the market have begun to see the importance of blockchain and the recent one has come through Medici Ventures that has sought a stake in the firm GrainChain.
GrainChain is a blockchain based agricultural project which is a blockchain enabled platform for tracking of a supply chain process of an agricultural harvest. This unique platform also facilitates produces, sellers and buyers to build smart contracts and secure funds within the process. Medici Ventures which is a subsidiary of Overstock.com has purchased $2.5 million equity GrainChain.
Another interesting feature of this blockchain powered system is that it is capable of eliminating the potential errors from the chain. This system keeps a complete record and documentation of harvest from farm to the stock which prevents all the possible sorts of fraudulent activities. GrainChain CEO Luis Macias states that their primary concern is to make the entire process efficient, safe and transparent for both farmers and buyers. He further added that this gives more power and control over to the farmer on the selling process as mentioned by PR Newswire. The business world news and outlets are contemplating this as a major reformation.
Blockchain Projection In Agriculture Sector
According to The Smyrna Themes, blockchain is making a fairly positive growth in the field of agriculture even if there is a global market slowdown. It is speculated that the global market of blockchain will grow at a CAGR of 56.4% for the next four years. Perhaps, this is going to remain in the spotlight of business world news for the next few years.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]