Areas of use of blockchain

Areas of use of blockchain: agriculture joined logistics and retail

In the context of the crisis of the market of traditional cryptocurrencies and the growth of banking stakes, blockchain technology is becoming interesting to more and more entrepreneurs from different sectors of the economy. In particular, distributed registers and smart contracts are actively used in retail and logistics. While some businessmen are discussing the expediency of transferring settlements to the “Internet 3.0”, there partially pass the largest trading networks. In particular, French Carrefour has been using IBM Food Trust blockchain platform since October 2018 to track supply chains.

Blockchain is indispensable when buying large real estate and art objects, because transaction participants want to remain anonymous and like the saying “better safe than sorry”: all transactions are available for analysis and verification 24/7. One of the most progressive countries in the use of new technologies based on cryptography and distributed registry is the United Arab Emirates. In particular, at the meeting of industrialist Jamal Al Gurayr with representatives of the banking and IT sector it was decided to use blockchain platform in sugar trading. It is expected that the joint project will involve financiers from the French conglomerate Societe Generale and Americans from the company of the software developer.

This meeting followed the decision of the four leading players of the agro-industrial complex of the UAE to create a standardized digital trade technology. Businessmen took blockchain and artificial intelligence systems as a basis.

Areas of use of blockchain: farmers of the Netherlands and the United States will appreciate the benefits of technology

Representatives of the agro-industrial complex of the United Arab Emirates were interested in blockchain as a safe and transparent environment for making transactions and controlling payments for the supply of goods. Blockchain was needed to reduce document flow and simplify transport operations. Thanks to the agreement between the market players, the project will go beyond the sugar industry. The issue has already involved experienced managers, which are in particular, the former CEO for agribusiness of the Argentine holding Emeterra and the ex-buyer of sugar American Coca-Cola. A specialist from the London Sugar Association will be engaged in the development of smart contracts.

As you can see, blockchain is interesting for industrialists trying to reduce their costs and make trade more efficient. In particular, it became known that the international trading firm from the Netherlands Louis Dreyfus concluded an agreement on the supply of soybeans to American retailers. All supply chains are tracked using blockchain support, also there are smart contracts. Following the French trading network Carrefour, the largest American retailer Walmart informed the producers of leafy greens about the need to integrate blockchain technology IBM Food Trust.