Blockchain in Agriculture: The Growing Adoption by Agribusiness and Agtech Firms

Abstract: This blog examines how blockchain is being leveraged in agriculture via a broad overview. It includes hyperlinks to outside sources and citations.

While the word blockchain is commonly associated with bitcoin and cryptocurrency, it can also be extended to agriculture. Blockchain, the technology that records information and serves as a digital ledger of transactions duplicated across computer systems, is actively being used to track produce from the fields to the warehouses and shelves. It is playing a much needed and significant role in traceability and transparency.

The Chinese word for “crisis” is a combination of “danger” and “opportunity” as seen with the onslaught of the global pandemic. Since Covid-19 was recognized in the U.S. in March 2020, farmers have increasingly sought innovation to address shortages in manpower. As safety protocols of Covid were implemented (including staggered work schedules, telework, and social distancing) blockchain has taken on a growing role in tracing produce for agribusiness of all sizes. The global blockchain market in the food supply chain market and agriculture is expected to leap from $87 million in 2020 to $189.48 million in 2021, according ReportLinker.

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