The Impact of Blockchain Technology on Ag Markets
In the wake of the successful use of a blockchain platform for facilitating a large commodity sale of soybeans, all eyes in the ag industry are on this new technology. In a recent article for the Western Livestock Journal, author Chris Clayton discusses the disruption that blockchain technology is causing in ag markets, worldwide.
According to Clayton, blockchain “creates the capability to digitally verify, handle and transfer all records of a sale, including the complicated elements.” In essence, handling sales through a blockchain platform provides a higher level of security and accuracy, while reducing transfer time and fees. Basically, it makes nearly every step of the transaction more efficient.
Clayton quotes a variety of experts in his article. To them, it is very clear why this technology is causing disruption in the ag sector. Important features that they reference include the following:
- Strong security features,
- Ability to combat fraud, and
- Creation of accurate and detailed records.
One major disruption referenced by a number of the experts is the growing need for greater health and safety requirements as international trading of ag commodities becomes cheaper and easier as a result of using a blockchain platform.
For more details, read the article in full at the Western Livestock Journal.