This IDC Perspective examines the rapidly developing use of blockchain (and related technology such as cryptocurrency and NFTs) in the agricultural industry. Providing numerous examples of current and near-future applications of blockchain in agricultural insurance, carbon credits and ESG, food traceability, and more.
"Agriculture has several challenges when it comes to trust, traceability, and transactional efficiency. At the base of many of these problems are the issues around information storage, integrity, and sharing," notes Phillip Silitschanu, research director, IDC Financial Insights. "Due to the exceptional decentralization and security features of blockchain technologies, players in the agriculture supply network have been keen to incorporate this technology into agriculture-specific applications."