Compared to conventional global finance networks, blockchain technology is also perceived to be in its earliest stages. In this article, we will explore how blockchain can revolutionize major sectors, such as agriculture and fisheries domains. We will further discuss the recent announcement based on this technology.
What We Will Cover?
- Blockchain as an Emerging Technology
- How blockchain can Revamp Agriculture and Fisheries Industries
- Release Project- A Latest Blockchain-Based Platform
Blockchain as an Emerging Technology
Blockchain can be defined as a chain of data or blocks that are stored on thousands of computers distributed over a wide geographical area. It is a technology that enables a distributed ledger to be shared across a peer-to-peer (P2P) network, which means a distributed, decentralized network where all the computers are connected in some way, and each computer system maintains a complete copy of the ledger.
This decentralized, P2P nature of blockchain is making it possible to be widely spread across multiple industries. It is an assumption that it is an only mechanism to build trust, reduce costs and accelerate transactions, but this is not completely true as technology suffers from various pitfalls such as poor infrastructure, lack of governance, interoperability, and other technical issues. But with its smart contract functionalities, blockchain can track and prevent illegal and unregulated activities taking place in the agriculture and fishing industry.
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How can Blockchain Revamp Agriculture and Fisheries Industries
Let’s understand how blockchain is radically set to revolutionize the entire sectors for good.
Blockchain, which is a decentralized, distributed ledger technology, can help you in tracing an entire supply chain from source to destination. It allows users to trace and track from where their food comes from, how it was harvested and processed, and who grew it for them. Blockchain’s traceability can help the agricultural domain and seafood industry from false labeling and prevents food fraud without involving any third-party/central authority.
Focuses on Food Safety& Quality Control
According to the Fishcoin project, 89% of fish stocks are at capacity and, 89% of global wild fish stocks are overfished, while more than 50% of seafood is thrown away. Blockchain is remodeling the food production industry by ensuring that food remains safe while in the production state. Bringing transparency will help users to ensure that their food is restricted from safety outbreaks. The technology helps in building trust between producers and consumers.
Data Sharing and Interoperability
Blockchain also equips the end consumers with trustworthy product information with increased data sharing and interoperability among each other. It can also curb out the challenges associated with logistics and unfair prices in the agriculture and fisheries industries. Smart logistics networks based on the blockchain can provide a viable solution for improper logistics.
Increased Efficiency and Fairer Payments for Farmers
Blockchain can simplify the whole process of maintaining records by simply allowing producers to put everything in one place, which saves their valuable time and money.
Apart from that, most importantly, technology in the agriculture domain can help poor farmers by directly linking them to consumers/retailers by eliminating middlemen, which can help low-wage farmers to get the real price for their produce.
Release Project- A Latest Blockchain-Based Platform
According to the recent announcement on July 12, Release, a blockchain-powered social commerce platform, is all set to revamp and solve logistical challenges in the agriculture and fishing industries.
With its introduced social commerce architecture, it aims to combine social media and e-commerce, to provide a distributed, robust social commerce platform that is decentralized. It would eliminate the concept of central authority, which would further strengthen the scope of agriculture and fishing in e-commerce. Moreover, this latest blockchain-based social commerce platform goals to bring buyers and sellers under the same platform where everyone has access to authentic information.
The report also mentioned that, apart from leveraging blockchain technology, the project has also utilized cutting-edge technologies like Big Data and Artificial Intelligence for developing a robust, safe, secure, and transparent social commerce platform.
Release native token, REL will allow token holders to access all features on the platform such as purchase services, skills, products, among others.
From the above discussion, it is clear that blockchain has a remarkable impact on reshaping the framework of the agriculture and fisheries industry. From preventing food frauds to maintaining complete traceability and logistical efficiency with price fairness, blockchain can be seen as a one-stop solution.
What do you expect from blockchain in the near future? Let us know in the comment section.