Blockchain technology is a ledger of accounts and transactions that are written and recorded by all stakeholders, the same holds for the FarmKoin community. It promises a dependable source of truth about the status of farms, inventory, and contracts in agriculture, where gathering such info is sometimes prohibitively expensive.
Blockchain technology can monitor the provenance of food, assisting in the creation of trustworthy food supply chains and the development of trust between producers and consumers.
It promotes the adoption of data-driven technology to make farming smarter since it is a reliable method of storing data. Furthermore, when combined with smart contracts, it enables timely payments between stakeholders that may be triggered by data changes in the blockchain.
This article emphasizes the use of FarmKoin (blockchain technology) in the food value (supply) chain, agricultural insurance, smart farming, and agricultural product transactions from both theoretical and practical viewpoints. We also talk about the difficulties of tracking transactions done by smallholder farmers and developing an ecosystem for using blockchain technology in the food and agricultural sectors.
For the agriculture industry to boost production and sustainability, the utilization of data and information is becoming increasingly important. ICT (Information and Communication Technology) significantly improves the efficacy and efficiency of data collection, storage, analysis, and use in agriculture.
It enables agricultural practitioners and farming communities to readily get up-to-date information, allowing them to make better decisions in their day-to-day farming operations.
Remotely sensed data on soil conditions, for instance, can aid farmers’ crop management. Mobile phones decrease information costs, promoting farmers’ access to markets and financial support and the advancement of the Global Positioning System (GPS) facilitates field mapping, machinery guidance, and crop scouting.
Bias in data gathering and utilization is not avoided by information and communication technology. Staff involved in ICT are constantly driven to utilize data in ways that benefit their personal interests. For example, stakeholders’ preferences in a multi-criteria choice are heavily impacted by the organization they represent, and NGOs may place an undue emphasis on the issues to be addressed owing to their vested interests. One effective strategy to avoid such bias is to make data modification difficult, if not impossible, by dispersing data management power to a wide number of people.
A blockchain is a distributed ledger in which participants record information about the process of creating, trading, and consuming a product or service. The ledger is controlled jointly by all participating parties, generally via a peer-to-peer network.
Before any new change can be added to the blockchain, the new record must be confirmed by the network. Any changes to the recorded data should adhere to the consensus decision-making process, which requires the majority of the people concerned to agree.
Furthermore, every change to one record will result in changes to all succeeding records. In practice, it is thus nearly impossible to modify data stored in a blockchain. Blockchain is characterized as “an open, distributed ledger that may efficiently and permanently record transactions between two parties” Blockchain is a game-changing ICT that has the ability to change the way data is utilized in agriculture.
These are the principles that FarmKoin will be abiding with.