Global Blockchain in Agriculture and Food Supply Chain Market

Global Blockchain in Agriculture and Food Supply Chain Market Insights

Blockchain also is known as a technological database, it is a collection of data and records which are linked together using cryptography. The technology enhances the functioning and decision making of the organization. As per the FDA, due to loopholes in the estimation and management of the actual demand and supply of food products nearly one-third of the food is wasted globally. Therefore to tackle such problems, an efficient and effective system came into action, blockchain technology. It is in great demand to improve quality assurance, logistics, nutrient management plans, and others.  

Demand for cheap and easy foods in case of emergencies, nutrient management plans, quality assurance, the record of the complete history of the product, fairer payment, customer loyalty, and logistics are some of the key benefits associated with blockchain technology which drive the market of the supply chain. Also growing food scams are creating demand for the blockchain in the food and agriculture market. Growing technological development of food and agriculture supply chain to bring transparency in terms of their food/agriculture product process is creating the need for blockchain technology. However, uncertainty in regulations, implementation standards associated with the blockchain technology, and the requirement of deep knowledge to implement the blockchain technology are the major restraints pulling down the market growth.

Global Blockchain in Agriculture and Food Supply Chain Market: By Application

The major uses of this technology are smart governance, and smart contracts, and payments among others. Product tracing and tracking are estimated to showcase the abundant potential in the future period.  The technology is used to track the potential containment source during the supply of the product and take precautionary steps accordingly. Also to gain customer trust companies have started investing in blockchain technology, to track the product and enable transparency, which leads to an increase in the market of the traceability segment.  

Global Blockchain in Agriculture and Food Supply Chain Market: By Organization Size

Blockchain technology can be bifurcated into two segments based on the organization size as small and medium-sized enterprises, and large enterprises. With the help of technological integration, various market players are tapping the untouched markets. Thus large companies are trying to improve the pre-existing solutions, however, small and medium-sized enterprises are coming with the most recent solution as demand by the national and regional market. Therefore, small and medium enterprises are prone to show the rapid growth of blockchain technology in the market.

Global Blockchain in Agriculture and Food Supply Chain Market: Based on the Type

Public, private, and hybrid/consortium are types of blockchain technology. Out of all the types of blockchain technology segment, the largest market shareholder in the private segment. The database is secure under the private segment by traditional security techniques such as limited access rights. The security key provided by a private segment is only known to the related organization only thus safeguarding the data from regular frauds.

Global Blockchain in agriculture and food supply chain market: By Region

North America adopted the advanced technology at a much faster rate as compared to other regions to manage the agriculture and food supply chain and thus turned out to be the largest market shareholder for blockchain technology. US and Canada are the economically stable countries in the region which account for a significant market share of the blockchain technology market. Major market players for blockchain technology like Microsoft and IBM have their marketing and sales presence in the US and Canada which in turn will act as a driver for the market growth. Increasing R & D activities for blockchain technology due to associated benefits and food safety concerns is the factor pulling up the need for the technology in the region.

Global Blockchain in agriculture and food supply chain market Share and Competitor Analysis

The key players operating in the market include  IBM, Microsoft, TE-FOOD International GmbH, Ambrosus, ACR-NET, SAP SE, OriginTrail, and Provenance among others.

Please note: This is not an exhaustive list of companies profiled in the report.

In May 2020, IBM (US), recently announced its collaboration with three companies, Agribosco and I Potti de Fratini and Molitoria Umbra located in the Umbria region. All the companies are local and plan to join the network so to track the location of their production using blockchain technology.

In May 2020, TE-FOOD International GmbH (Europe) joined with GE aviation’s digital group to ameliorate the efficiency of the aviation industry supply chain through blockchain technology. 

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