5ire is building a robust blockchain ecosystem that transcends beyond boundaries. With sustainability in mind, this ecosystem is poised to transform various sectors of the global economy. In agriculture, it offers yet another tool for farmers to cultivate with. This is in order to improve productivity and keep abreast of future demands of food.
Scaling Agriculture With Blockchain
Agriculture is an important sector in the economy of every country. It produces all forms of edible crops and raw materials for agro-allied industries. Over the years, there has been a growing need to improve agricultural productivity.
Efforts in this respect include nurturing of quality breed lines of plant and animal offsprings, use of fertilizers and other quality-improving practices to improve farm output. Furthermore, the use of technology in agriculture is gradually increasing as farmers look for ways to better their productivity.
The need for innovation in agriculture is eminent now more than ever as the demand for food is reported to increase significantly in 2050. This is as a result of the expected increase in population. With the current state of productivity in agriculture, farmers will not meet the food demands of the population.
Blockchain is a nascent technology which is finding use cases in various sectors of the global economy. For agriculture, this technology could be a game changer, enabling flexibility in farm management as well as transparency in supply chain. As the world learns to feel at home with this technology, it will create enabling grounds to fully explore its use cases.
Nonetheless, this technology has earned a great deal of popularity, leading to a surge in the number of blockchain startups. 5ireChain is the proprietary blockchain technology of 5ire. Its vision is to drive sustainability and positive social impact with this emerging technology.
Interestingly, 5ire is adopting a unique and holistic approach in its mission of sustainability. 5ire’s vision is in line with the UN 2030 vision of sustainable development goals. As agriculture is imperative in achieving these visions, the 5ireChain ecosystem offers a leverage to improve this sector especially with respect to addressing the global food crisis and poverty reduction.
Ways the 5ire Ecosystem Could Transform Agriculture
Blockchain offers disruptive potentials in the agro sector. By utilizing blockchain, farmers and other stakeholders can optimize productivity, mitigate loss and increase profits.
Data Management and Smart Farming
Data is vital to highlighting pain points and birthing innovation in any sector. In agriculture data can be collected on virtually anything, from each stage of production to the last line of distribution. Transparent collection and recording of data will throw light on loopholes as well strengths in the farming system. Governments and commercial farmers can harness the power of this technology to drive innovation in this sector.
Data recorded during each stage of production to distribution, from the farm to the factory, will be easily accessible for analysis over the blockchain. The condition prevalent during cultivation and storage can be utilized to draw inferences on the factors responsible for good yield and otherwise. When favourable conditions are pinpointed, they could be amplified in subsequent farming seasons to improve productivity.
Furthermore, consumer trust could be improved with the provision of transparent information on the quality of what they are consuming, from quality of the product to the processes utilized to arrive at the finished product.
Food Supply Chain
The growing complexity of the supply chain creates room for corruption and malpractices by bad actors within the chain. Blockchain provides a transparent, immutable and decentralized ledger. This distributed ledger can be used to enable transparency in the distribution system. Moreso, blockchain will unnecessary eliminate third party players in the chain improving simplicity of distribution.
More interestingly, a transparent supply chain will help in quality control of agricultural products. Farm products when tracked from seed to sale through the supply chain provides information on the source and quality of the product involved. The data to be recorded include those generated in the course of factory processing. This will eliminate expiry date forgery as well as hoarding of finished goods by distributors.
With transparent data available on the cultivation of farm products, agro insurance will have a reliable database of information for providing insurance to farmers. On the other hand, the terms of the insurance can be reached by relying on the blockchain data, eliminating bias on the part of the farmer and the insurance company.
On a similar note, armed with a reliable source of data, investors will be attracted to this sector when they fully understand the risk and profits associated with agriculture following a transparent data source.
With farming insured, farmers will have a hedge against a poor yield. Weather extremes threaten farm productivity and this is poised to be worse in the future as a result of climate change. With insurance, farmers are well equipped to remain in business in the event of a severe loss.
5ire is committed to providing a robust layer one blockchain ecosystem that can be leveraged to boost the global economy. From fintech to edtech and other sectors, 5ire offers a flexible, decentralized and secure platform for developers to bring their ideas to life. Farmers can leverage this ecosystem to farm beyond the boundaries, explore the full potentials of agriculture while alleviating the increasing demand for food.