What is the Blockchain technology and how it is beneficial for small farmers in present times?

Published: May 30, 2019

Blockchain Technology�is 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 was�originally 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.

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