Blockchain Technology: A Game-Changer for Agriculture in India?

Blockchain records information with an immutable cryptographic signature that cannot be modified, hacked, or faked. This digital ledger is distributed across the entire network of computer systems on the blockchain.

Blockchain use cases in agriculture contribute to building a transparent, fair, and tamper-proof value chain and will benefit smallholder farmers. In this Analytics Insight piece, Francois-Xavier Hay, Co-Founder and Chief Insurance Officer, Wingsure, shares insight into how the technology could make a huge difference for agriculture in countries like India.

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Where do you get real-time data with unquestionable veracity?

Data-veracity: Data is often available in plenty, but reliable data is scarce. Often, data is too old, or its quality is too low to be of any value. Smart agriculture is the way forward for improving the livelihood of smallholder farmers in India. It requires data-driven infrastructure sourcing reliable and real-time data: crop types, growth, farming practices, climate, and market prices following stringent quality control tracks.

How do you minimize the cost of valuable data?

Distributed Data; Distributed costs: Data collection and storage is an expensive proposition if done by a single entity. Most blockchain spreads the cost evenly across the stakeholders, bringing down the cost substantially. Energy costs of proof-of-work security from an environmental standpoint are also becoming a significant concern in today’s context.

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How do you ensure secure data?

Distributed Data; Distributed risks: Data can be easily tampered with if left to the ownership of a single entity. Data can be withheld or charged for as well, in this scenario. Cyber-criminality being a growing concern, decentralized blockchain can bring about a higher level of data protection than a localized one. Moreover, most blockchain security relies on a wide sharing of data, which ensures no one can tamper with it.

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