Blockchain in Agriculture—The Role of Agro Tech & LY Holding
Added: (Thu Jun 09 2022)
Pressbox (Press Release) -
Today’s world is constantly evolving in a number of ways. These transformations are necessary to simplify the processes and minimize expenditures. The agriculture industry has also witnessed a dynamic shift and the last couple of decades.
At Agro Tech, we are at the forefront of the technological transformations taking place in agribusinesses. We have personalized blockchain solutions and are actively helping farmers and agribusinesses realize the importance of technology. With the help of LY Holding, we are beginning to relinquish orthodox practices and are accepting more innovations. These innovations are rudimentary to agricultural processes to overcome the challenges of the industry and make it profitable for all stakeholders.
Among these innovations, Blockchain for agriculture is one of the most compelling additions, making growing and supplying the products much more straightforward.
Agro Tech and LY Holding are some prominent names working to simplify farming with the blockchain. In the recent past, blockchain has proved to be the technology that can re-engineer plenty of existing methods. Blockchain is at the forefront of the latest technological tools, whether these processes are about settling transactions, tracing food origin, or tracking customer demands.
Blockchain for Agriculture—An Opportunity, Not a Threat
Blockchain technology is a remarkable game-changer for self-executing smart contracts and automated payments. Commercial agribusinesses like Agro Tech and LY Holding have substantially grown their interest in blockchain technology. Also, organizations both big and small, recognize the technology’s data management capabilities. Agro Tech has significantly reduced friction in transactions and create supply chain efficiencies contributing to the cause with its blockchain-based ideas and approach to assist the agriculture industry.
According to The Report Linker, in 2018, the blockchain in the agriculture ecosystem was estimated at $60 million, and by 2023, it is projected to reach 429 million. Therefore, Agro Tech is constantly working to simplify the blockchain and maximize its inclusion in agriculture and farming. Blockchain technology promises increased efficiencies for the agricultural supply chain. With the help of enhanced data management, optimized logistics, enhanced food safety protocols, lower transaction costs, and stronger traceability, LY Holding has transformed agricultural logistics using blockchain tech.
It is also expected to accelerate the industry’s movement toward more transparency and traceability, bringing about opportunities and tools for the entire supply chain. At Agro Tech, we believe these additions will combat food fraud and provide verified products to customers. Additionally, the cases of shipping fraud and illegitimate harvesting will also be reduced significantly.
Opportunities for Blockchain Technology in Agriculture
Tons of industries are employing the use of blockchain in their processes. It has presented a gazillion opportunities in the financial, manufacturing, energy, and government sectors. Agribusinesses have also flourished with the help of blockchain. The use in supply chains, land registrations, and digital IDs has added noteworthy value to the industry.
Initially, the blockchain was built due to the world’s growing need for a decentralized financial system for cryptocurrencies. It has now proliferated tenfold industries with its uses in a wide range of applications. The blockchain ledger at LY Holding is cryptographically secure by its design. It acts as a supplementary support mechanism for the decentralized system for support.
Now, the question arises: What areas in the agriculture industry suffer from a lack of transparency that would benefit from a decentralized ledger?
1. Auditability and Traceability
The primary challenge faced by the industry is there are no immaculate means to track and pay for the delivery. Multiple agents are involved, resulting in adding high costs to the system and making the process much more time-consuming. Agro Tech has made this process seamless. It incorporates blockchain and simplifies the whole process using a single distributed ledger.
Additionally, commodity buyers can interact directly with the supplier to reduce the payment time and speed up the entire process. With the help of LY Holding blockchain-based solution will offer another advantage where companies can also save surplus costs on agent fees so the farmers can receive a larger share of sales. Consequently, farmers do not require intermediaries and sell crops directly.
2. Logistics and Payments
Logistics are a big challenge for all operations. Agro Tech presents a smooth agricultural supply chain of multiple intricacies that require a stable solution. Dealing with a massive quantity of perishable items has a significant amount of capital on line. Furthermore, there are some cases where supply is uncertain and unforeseen circumstances can cause quite a lot of issues. If things do not go as planned, hundreds of thousands of dollars may be lost.
In such a scenario, implementing blockchain into logistics can simplify deliveries in many ways. With Agro Tech’s blockchain solutions, farmers will be free from intermediaries with smart contracts, and they will be at rest knowing the product will reach the end consumer in the best possible shape. Smart contracts will also eliminate unnecessary delays, and farmers will get paid on time. Blockchain can also present a better payment opportunity where farmers get paid throughout the year and have a streamlined income rather than seasonal payments.
3. Food and Crop Production
Crop and food production often gets delayed due to a lack of timely information on soil, water levels, fertilizers, and other related factors. These issues cause delays in production, causing the products to get delivered to the end consumer much later than expected.
The implementation of the Agro Tech blockchain can resolve this issue. Smart farming and IoT sensors can fetch all the required data and send it to the blockchain. Smart contracts can execute specific actions based on this data. As a result, it will enhance the quality of the processes, cut down the time, and deliver the product in a timely fashion.
4. Quality Control
Monitoring the quality of crops from harvest to delivery is not easy. However, blockchain technology can be harnessed for quality control and deliver exemplary results. There have been significant developments in this regard, and IBM is actively working on IoT tools to monitor irrigation, soil quality, and pests to ensure the highest levels of quality.
LY Holding blockchain can also be utilized to carry out multiple initiatives, such as tracking the quality of stored crops over time. It will automate and digitize the processes of quality control and record-keeping. These innovations are happening in today’s agricultural world, making quick and easy access to abundant information a reality.
5.Data Security
Data security and privacy are primary concerns for all sectors. Here, the blockchain can secure all data with its cryptographic hashing. This feature permits data subject to better management and control for those entitled to confidential data. Agro Tech blockchain can also make data portability, such as automating payments for shared data and data sharing, a possibility.
All information, data records, and payment record stay safe on the blockchain's decentralized ledger. Since it is a programmable platform permitting new applications, Blockchain is a highly enticing option for use cases. Plus, if payment options include cryptocurrencies, smart contracts will execute highly safe money transfers and won’t require any intermediaries.
Role of Agro Tech & LY Holding LTD
LY Holding and Agro Tech understand the challenges of logistics and distribution in the food supply industry. Therefore, we have built a sustainable solution to simplify and refine these processes with maximum efficiency. We aim to transform agriculture logistics with blockchain. Our blockchain and storage solutions can effectively solve the problems faced by the industry. They can help create and sustain an ecosystem of producers, suppliers, manufacturers, retailers, and consumers so they can maximize their profits with efficient supply chains.
Our Services
At LY Holding and Agro Tech, we optimize end-to-end farming logistics workflow. Our team works with precision, accuracy and data that connects our clients to carriers, ports, terminals, and customs in real-time. Our intuitive technology offers a seamless solution to bridge this wide gap in supply-chain, between the farmers and market elites with efficient, precise, and feasible solutions.
● Blockchain Distributed Ledger (Agro-Tech)
● Inventory Management
● Data Tracking & Field Operations
● Global Logistics & Trade Compliances
● Productivity & Welfare
Bottom Line
To conclude, the world, on the whole, is experiencing a dynamic shift. The smartest option for the agriculture industry is to adopt and implement these trends in its practices to stay up-to-date with the evolving world. Blockchain can reduce transaction costs and will also nullify the intervention of regulatory authorities. According to estimates, LY Holding and Agro Tech blockchain could facilitate global savings of up to $6 billion per year in business transactions. So, farmers and agribusinesses must consider implementing this smart technology in their processes to live up to the requirements of the modern world.
Enable your farm’s supply chain growth using blockchain technology by contacting LY Holding today!