Blockchain: Change is Coming to Agricultural Supply Chains

Key Points

• Agribusiness interest in blockchain, an emerging technology that permanently records transactions on a shared digital ledger, is rapidly growing.
• For the agricultural supply chain, blockchain technology promises increased efficiencies through enhanced data management, lower transaction costs, optimized logistics, more robust traceability, and enhanced food safety protocols.
• Prominent technology companies are creating partnerships with global logistics companies and retailers to develop blockchain applications that can be used for the efficient tracking and delivery of agricultural products.
• Blockchain will accelerate the industry’s movement toward greater transparency and traceability from field to fork. This will bring opportunity for growers and a tool for the rest of the supply chain to combat food fraud and offer verified products to consumers.
• Demands for increased traceability will also create challenges. Agricultural producers could face greater scrutiny, and co-ops and elevators will need to adjust as identity preservation becomes more important.

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