Implementation of Blockchain Technology in the Agriculture Industry

Blockchain Technology is a ledger of multiple transactions that have made a breakthrough in the financial sector by implementing Cryptocurrency. BCT enhances transparency in any transaction and hence becomes a reliable source for conducting business between untrusted parties by excluding intermediaries like banks. Today the primary focus of every industry is gaining and retaining consumer trust. With globalization, there is ever-increasing consumer awareness across the globe. Since food, food-related products are an immediate necessity of every individual. It's the primary responsibility of the involved players to maintain consumer faith, avoid fraud and fake products. According to The International Food Information Council, transparency in the food supply chain is considered one of the "Five Food Trends to Watch. This paper will discuss the overall implementation of blockchain technology in the food and agriculture industry, focusing on the various ongoing initiatives and projects by multiple companies, discussing the different challenges that are posed and also the potential areas of opportunities available for the growth and maturity of the technology in the agriculture sector. As per observations, it can be indicated that blockchain technology is the best solution towards attaining transparency and traceability in the agriculture sector. Numerous companies are investing and researching to enhance its potential for maximum utilization, yet several shortcomings hinder the large spread amongst the farmers and developing countries. The major challenges involved are in terms of operability, technical and regulatory, and legal policies. This is a conceptual research paper about the broad scope of implementing BCT in agriculture to improve supply chain and traceability. It draws upon research papers and professional websites as secondary data.