The Blockchain Technology is gradually spreading into people’s lives, making it very useful and indispensable to understand its applications and limitations. After the introduction of Ethereum, RiderToken (RTN) came with a popular way to showcase ideas for new technology implementation of blockchain on agriculture. We are currently in a period , where many developers are propounding unstable ideas to solve either hypothetical or inconsequential problems. It’s vital that society and developers focus on applying Blockchain to relevant and important projects.
Blockchain has so far been most useful in the agriculture sector in terms of understanding the source and journey of produce. This technology not only helps both farmers and consumers: it allows farmers to negotiate better prices throughout the supply chain, while giving consumer’s confidence in the knowledge of exactly where produce they buy comes from. This is key aspect when considering the growing lack of trust in the sourcing of produce sold in markets.
It is important for small-scale industries and agricultural sectors to be able to keep track of their transactions and contractual obligations with buyers, suppliers and other Stakeholders in order to maintain feasibility and accountability. This not only minimiser’s fraud, but also maximises transparency, and ensuring that the supply chain is satisfied.
Blockchain technologies offer good financial instruments with public ledger to provide farmers a timely and complete payment for their efforts. Using these technologies will help to avoid risk and make the farmer’s life easier.