Global Blockchain in Agriculture Market Overview
Global Blockchain in Agriculture market was estimated at USD 254.12 million in 2021, and is anticipated to reach USD 3441.21 million by 2028, growing at a CAGR of 45.1%
A blockchain is a digital transaction ledger, prolonged by a network of multiple computing machines that are not depending on a trusted third party. Individual transaction data files (block) are managed through specific software platforms that allow the data to be transmitted, processed, stored, and represented in a human-readable form.
Blockchain Technology in Agriculture Sector
Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations. According to the FAO, about one-third of the food produced worldwide is wasted each year, which calls for a need to estimate and control the real supply and demand of food items so that they reach the poor. These problems can be tackled easily and efficiently using the blockchain network.
With stringent lockdowns being instituted, companies have shuttered their facilities, people were ordered to stay at home. These restrictions will have impact in the blockchain in agriculture market as well. The market will however regain pace once economies start to returning to normalcy. Economic aid packages by governments, business loans and subsidized wages for workforce will revive manufacturing output and offer favorable prospects for the blockchain in agriculture market.
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COVID-19 Impact Analysis of Blockchain In Agriculture Market
Spreading of coronavirus globally, the global food supply chains' various inefficiencies were realized globally. This has led to the probable opening of chances in the mid and long-term technological markets. Blockchain technology helps a repeatable framework for all digital trade executions. According to the World Economic Forum, the blockchain method is a highly efficient solution to cope with the inefficiencies in supply chains surfaced by the pandemic. Alliances were managed among companies includes Cargill and Agrocrop with Rabobank and other logistics and supplier companies to pilot blockchain for high cross-continental commodity trading. The restrictions have made it further difficult to track many foods products' origin, resulting in more hazardous food. According to the Global Food Safety Initiative (GFSI), food retailers over the globe are also urging certifications of suppliers to ensure food safety for every stakeholder in the value chain. Hence, the spread of the COVID-19 pandemic has led to the growing usage of blockchain in the food industry for traceability and transparency.
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By Type, Blockchain in Agriculture has been segmented into:
By Application, Blockchain in Agriculture has been segmented into:
- Product Traceability
- Tracking And Visibility
- Payment And Settlement
- Smart Contracts
- Risk And Compliance Management
- And Governance
Regions and Countries Level Analysis:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
- Asia-Pacific (China, India, Japan, Southeast Asia etc.)
- South America (Brazil, Argentina etc.)
- Middle East Africa (Saudi Arabia, South Africa etc.)
Reason to purchase this Blockchain in Agriculture Market Report:
· Determine prospective investment areas based on a detailed trend analysis of the global Blockchain in Agriculture Market over the next years.
· Gain an in-depth understanding of the underlying factors driving demand for different and Blockchain in Agriculture Market segments in the top spending countries across the world and identify the opportunities offered by each of them.
· Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
· Identify the major channels that are driving the global Blockchain in Agriculture Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
· Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Blockchain in Agriculture Market.
· Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Blockchain in Agriculture Market providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available.
Players Covered in Blockchain in Agriculture market are :
- IBM Corporation (US)
- TE-FOOD International GmbH (Europe)
- Microsoft (US)
- ACR-NET (Ireland)
- Ambrosus (Switzerland)
- Origin Trail (Slovenia)
- Provenance (UK)
- CargoChain Ltd
- VeChain Foundation
- FCE Group AG
- Bext360 and others.
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Key Industry Developments
- In March 2018, Ambrosus collaborated with the Swiss Coffee Alliance (Switzerland) to develop a sustainable supply chain for coffee by helping them with their platform for tracing the entire journey of the coffee and its supply chain.
- In May 2019, Microsoft introduced Azure blockchain services, a fully managed service that allows for the formation, management, and governance of the consortium blockchain network. It is integrated with the Azure activity directory and offers tools to add new members, set permissions, and monitor network health and activity.
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