30s Summary

Blockchain technology is proving beneficial for the farming industry by creating transparent records of transactions throughout the farm-to-market process, protecting against fraud and enhancing food safety. In addition, blockchain-based trade finance can help farmers globally navigate lengthy payment periods. Agricultural firm Dimitra uses blockchain – in combination with AI, IoT, drones and satellites – to solve challenges such as soil health monitoring, pest detection and crop analysis. The technology also supports environmental and sustainable farming projects, such as managing deforestation and facilitating carbon credits. Demand for such technology in agriculture is expected to grow in the coming years.

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Blockchain isn’t just for tech heads anymore. Even people in the farming industry are starting to see how it can help them out. Why? Because it create an unchangeable and transparent record of every transaction taking place in the farm-to-market process. This helps everyone see exactly where a product comes from and all the stops it makes along the way. It makes food safer, helps fight fraud, and lets customers make smart food choices.

Recently, Jon Trask, the boss of a company called Dimitra, talked about how Blockchain can even help improve other parts of the farming process. Farmers in different parts of the world face different challenges. For instance, in Kenya, avocado farmers find it tough to wait out long payment periods. This is where blockchain-based trade finance comes in. With this, farmers can get a loan as soon as the finished product is ready. They can then pay back the loan, with a bit of interest, once the product reaches its destination. This helps to keep the cash flow steady and the farm ticking along.

Dimitra has one of the biggest datasets in the world for agriculture, which lets them solve all kinds of unique problems. For instance, in Indonesia, coffee consumers in Europe and America wanted to have clear traceability of the coffee they drink. Blockchain was perfect for this job.

Blockchain can even offer investment chances. One such project is in Brazil, where people can invest in real farming projects in the Amazon.

Dimitra also uses lots of tech, like Internet of Things (IoT), drones, satellites, and AI, to help farmers get better. For example, IoT sensors in the ground offer important data about soil health, which can then be used to lock down the best fertilizer and treatment options. Drones can also help find pests earlier than traditional methods, and AI can analyze photos of crops to figure out potential issues.

Blockchain is even helping with environmental projects. Like in Ethiopia, where Dimitra is using it to help manage deforestation and support carbon initiatives.

An important future goal for farming is sustainable practices. Blockchain can play a major part in this too. For instance, through carbon credits. It can make carbon credits more accessible to smaller farmers and ensure the whole process is transparent and traceable.

The future of farming looks to be very green, and not just in the literal sense. Tech, AI, blockchain, sensors, and drones all look set to push farming to the next level. It might be a slow start, but in the next few years, we’re going to see more and more farmers using these kinds of technology.

Source: Cointelegraph