The Global Market Of Blockchain-Technologies In The Agricultural Sector Will Grow In The Period From 2018 – 2022
The global market of blockchain technologies in the agricultural sector will grow by an average of 56.4% in the period from 2018 – 2022.
Blockchain technology is a digital and decentralized accounting system that can process data and contracts. In the agricultural sector, farmers can use blockchain technology to track agricultural crop logistics, thereby establishing direct communication with customers.
This report covers the current scenario and growth prospects of the blockchain technology market in the agricultural sector. To calculate market size, the report looks at revenue generated from retail sales of public blockchain technology, private blockchain technology, and consortium blockchain technology worldwide. The report also discusses the key suppliers operating in this market.
One of the trends affecting this market is the growth of IoT (Internet of things) adoption. Some of the key vendors offering blockchain technology are focused on developing technology with IoT platforms to provide additional benefits to the users.
There are several potential use cases for blockchain in agriculture which are the following: food safety, tractability, transaction costs, new markets and logistics.
One of the drivers influencing this market are government initiatives for the development of blockchain technology. Around the world, several government agencies are focused on supporting the introduction of blockchain technologies for the growth of the agricultural sector.
In addition, the report says that one of the problems affecting this market are security problems with blockchain technology in agriculture. Blockchain technologies offer increased transaction control for farmers and other users in the agriculture supply chain. However, growing concerns about security related to blockchain technologies are expected to impact potential market growth.