What is the Blockchain technology and how it is beneficial for small farmers in present times?
Blockchain Technologyï¿½is an online virtual ledger. Due to this technology one can record transactions as they happen, one after another, linking one transaction to the next, thereby creating a chain of blocks
Features of the Blockchain technology:
- The blocks are cryptographically locked
- Blocks are unalterable and are verified by the members of the group who maintain the chain
- The technology wasï¿½originally created for the virtual currency Bitcoin
- Blockchain records and validate each and every transaction made so it is secure and reliable.
- It allows decentralization of the technology
Benefits for farmers:
- It will create transparency across the entire cycle of agricultural events
- It will deliver traceability to farmers, consumers and involved stakeholders
- It will empower smallholder farmers with information regarding farm inputs, produce demand/supply, market rates, etc
- It will eliminate intermediaries and enable the farmers with better decision-making powers
Blockchains are a new data structure that is secure, cryptography-based, and distributed across a network.