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Blockchain Technology in Agriculture Industry

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Research on the real application of blockchain technology as sustainable or intelligent solutions for agriculture is particularly well received.

Blockchain technology has been considered to be very important for the agricultural sector in tackling issues such as transparency and food integrity. Blockchain technology and smart contracts can significantly improve the claims settlement system in the agricultural insurance industry. Research on the real application of blockchain technology as sustainable or intelligent solutions for agriculture is particularly well received.

 

Current Issues in Agriculture solved by Blockchain

Due to current problems such as food shortages, food safety, and climate change, the blockchain can play an essential role in optimizing agricultural practices and creating new potential market opportunities.
Agricultural systems supported by a blockchain could reduce the likelihood of such large – scale food safety problems. For people around the world, the effects of the blockchain in agriculture could have several major advantages.

From a logistical point of view, the blockchain can accelerate food traffic through the supply chain ( critical for non – perishable items ) and allow rapid and targeted removal of non-consumer-friendly items.

 

Blockchain in Agriculture:

Blockchain can be used to minimize physical and financial losses caused by human error in agriculture. Today, there are several cases of use of the agricultural industry, ranging from real-time management of supply chain transactions and financing, intelligent ( agricultural ) contracts, data monitoring to reducing human error.

Blockchain Technology is a distributed system of fixed chain networks in the food industry, based on its unchangeable nature to solve the problem of integrity in the supply chain. Because the blockchain records detailed information for each transaction, the technology can pose a number of risks to farmers and traders selling cereals. The blockchain could lay the foundations for a smoother trade, especially in the agricultural industry.

The attachment of agricultural shipping and monitoring processes through a separate, decentralized blockchain ledger adds value to agricultural products, because machines, crops, and livestock can be tracked by the recipient to demonstrate quality and ethics and thus to assign value.

 

From food sources to the monitoring of raw materials and the associated role in cereal trade, the role of the blockchain is significant for agricultural supply chains. Such FMS software, focused on blockchains, also promises to reduce transaction costs between agricultural suppliers and inventory costs by providing a more efficient real-time machine and crop monitoring.

 

Blockchain – driven agriculture cooperatives are committed to sustainable practices, encouraging farmers to demonstrate the provenance of their methods to achieve a financial reward. While the blockchain is theoretically interesting, farmers and farmers want technology that brings real benefits in the near future.

 

In agriculture, the blockchain promises a single source of truth about the state of your farm, inventory, and contracts. Farmers can ensure the quality of their deliveries and even manage the exchange of assets, including instant payments, through the blockchain. What makes the blockchain so suitable for such inventory management tasks is the decentralized nature of the blockchain.

According to experience, the use of blockchain technology can significantly speed up and simplify the financing of agricultural projects and, as a result, have a positive influence on competitive skills and development of agriculture.
The inclusion of chain technology in agriculture will solve very major problems for all farmers – it will simplify the process of selling goods and eliminate all intermediaries.

 

The blockchain can be used in the production and processing of food products and will protect the conscientious supplier. Since the information stored in the blockchain cannot be changed and is visible to all, the blockchain will allow one party to protect itself from fraud and fraud Smart contracts make it easier to exchange data stored on the blockchain for specific system stakeholders.

 

Blockchain Agriculture in China

China has also recognized the benefits of the nested nest blockchain for Food Safety, and through the Tyson Food security Alliance for China, it supports a joint venture between the University of Tsinghua, Walmart and a consortium of large Food companies ( Dole, Driscoll, Kroger, Kroger, Kroger, gold. Although the chain of blocks is still a relatively new concept, early adopters are already present in the entire agricultural sector, including poultry, dairy products, water, and crops. Zhongan Technology ( a subsidiary of an insurance company): Its free – range chicken chain system in China aims to alleviate both poverty among chicken farmers and food safety concerns.

 

Blockchain technology may seem like a panacea for the various food and agriculture issues.
Although the blockchain is considered safe and “,” the same cannot be said of the systems developed around the technology. While small farmers in developing countries can benefit most from the blockchain, they may also have the greatest difficulty in adopting it. Network connectivity, outdated technology, and knowledge gaps may hinder the implementation of the blockchain or at least require further innovation for success.

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Forbes releases top 50 blockchain companies list

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Forbes has released top 50 blockchain companies using blockchain technology list and these are almost all household names of the world's largest companies.

Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum.

 

Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies.

 

Companies choosing Ethereum according to Forbes:

Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time.

 

All the top 10 companies are located in China or the United States.

The Top 10 (Forbes List):

10. Ping An Insurance Company: China

9. Bank of China: China

8. Apple: United States

7. Wells Fargo & Company: United States

6. Bank of America: United States

5. Agricultural Bank of China: China

4. Berkshire Hathaway Inc: United States

3. JPMorgan Chase & Co: United States

2. China Construction Bank Corporation: China

1. Industrial and Commercial Bank of China: China

 

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JPMorgan expanding itself into the blockchain and crypto space

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JPMorgan Chase has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, the job listing portal.

JPMorgan Chase, the American multinational investment bank and financial services company has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, a job listing site. According to the data from Indeed.com, the overall job openings for the cryptocurrency industry also seems to be on a rise.

 

JPMorgan Entering the Cryptocurrency Space:

Though the CEO of JPMorgan, Jamie Dimon has always been a strong opponent of Bitcoin and other cryptocurrencies, his company has been interestingly expanding its operations in the field of blockchain and cryptocurrency.

 

Last month, JPMorgan launched its own cryptocurrency known as the JPM Coin, which will serve the bank’s precious customers in order to make transactions between them more swift and steady.

 

Back in 2018, JPMorgan had launched a blockchain powered platform known as Quorum which might be seen quite homogeneous to bitcoin and ethereum, however, it is almost fully centralized in nature.

 

Large companies entering the Blockchain Space:

In recent times, a lot of huge companies worldwide have been entering into the blockchain and cryptocurrency space. According to a recent publication by the Forbes, large organizations such as IBM, Deloitte, Cisco, Microsoft, Consensus, and others have been curiously hiring employees that are experts in the field of blockchain technology.

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Adoption: Courts in France adopt blockchain technology

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The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

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