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Blockchain for Agricultural Supply Chain: Ensuring Transparency from Farm to Fork
- The agricultural supply chain remains inefficient, fraudulent, and lacks transparency
- Blockchain technology offers a promising solution by ensuring transparency, security, and efficiency
- Blockchain is a decentralized digital ledger with secure, transparent, and immutable data stored on it
- There are many challenges in the current agricultural supply chain, such as fraud, mislabeling, and a lack of traceability
- Blockchain creates an immutable record of each step in the supply chain, providing transparency and traceability for all stakeholders
- Smart contracts automate transactions and approvals, reducing delays and administrative costs in the supply chain
- Farmers receive fair compensation by providing a transparent pricing system and enabling direct transactions between farmers and retailers
- Data collection at the farm level, details at processing facilities and shipment details are logged on the blockchain to ensure transparency
- Several companies such as Walmart, TE-FOOD, and GrainChain have already implemented blockchain in their supply chains to improve transparency, traceability, and overall efficiency
- Although some challenges exist, the benefits of implementing blockchain technology in the agricultural supply chain far outweigh the hurdles
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