Analysis of IoT and Blockchain Technology for Agricultural Food Supply Chain Transactions

Abstract

The Block chain is a peer to peer, distributed ledger in which members must establish consensus to record every new input and transactions that are stored by all members. Over the last decade, block chain technology has grown in popularity, attracting interest from a wide range of industries, including finance, manufacturing, energy, and government sectors, health, and agriculture supply chains, land registrations, and digital identifications (IDs). Block chain facilitates better opportunities and benefits in agriculture, as well as building trust between farmers and consumers and allowing the creation of reliable food supply chains. The Chapter discusses how block chain and smart contracts can improve productivity, transparency, and traceability in agricultural insurance, smart farming, and agricultural food supply chain transactions (AFSC). By applying Block chain agri-food supply chain tracking was made easy and won the trust from different stakeholders, which was a real benefit to the real heroes of the country. The consumer can research the history of a product they are thinking about buying and consume food in their cart, learning about the entire process from planting to harvesting, transporting, and selling. Food fraud may be reduced by using the traceability and integrity of financial information to detect untrustworthy intermediaries and business practices that exploit both independent farmers and cooperatives. The agricultural industry will be transformed by block chain for supply chain management. All phases of the agriculture supply chain are being simplified, enhancing food safety and preventing the sale of counterfeit goods. Access to agricultural finance services for farmers and companies could also be facilitated by the technology. This Paper presents a review and research challenges on the existing block chain based IoT applications in the agriculture domain where maximum research focuses on food supply chain and its security of Internet of things with Block chain. The chapter presents how block chain and smart contracts can increase productivity, transparency and traceability could be very effective in Agricultural insurance, smart farming, transactions of agricultural food supply chains.