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Blockchain: A Bliss for the Agri-Food industry

This article throws light upon the challenges faced by the Agri-food businesses around the globe especially in the developing and underdeveloped economies and how Blockchain technology is the road ahead for overcoming challenges of the industry from farm to fork. Originally, the processing of raw materials and the storing of perishable commodities used for food […]

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This article throws light upon the challenges faced by the Agri-food businesses around the globe especially in the developing and underdeveloped economies and how Blockchain technology is the road ahead for overcoming challenges of the industry from farm to fork.

Originally, the processing of raw materials and the storing of perishable commodities used for food preparation was carried on a family or artisan scale. However, it was only after the industrial revolution when agri-food came into existence. Today, the agri-food industry is situated at the center of a very important economic complex that we call the “food system”, the purpose of which is to feed populations, mostly through a system of market relationships (Source: Rastoin and Ghersi, 2010).

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It is one of the most crucial sectors for global economic growth ,accounting for one third of the global GDP and employing about 30% of the global workforce

With the change in consumer preferences and increasing health and safety consciousness, the current demands of the agri-food industry is increasing. World agriculture is facing numerous challenges and the agri-food industry must:

  1. Improve efficiency by reducing supply chain costs.
  2. Adjust to the ever-changing needs of consumers from cereal-based to animal, fruit and vegetable products.
  3. Raise farmers’ income and thereby preventing their exploitation.
  4. Adopt and promote sustainable agricultural practices.
  5. Meet high-quality food and farming standards.

Challenges of Agri-food Supply Chain

The food industry is highly adulterated and millions of lives are lost every year.

When it comes to its supply chain connectivity and transparency, it is far from being perfect. It is estimated that the cost of the operating supply chain, makes up two-thirds of the final cost of goods, while 7% of the global value of trade is absorbed by the costs of documents alone (Niforos 2017). Agriculture supply chains have substantial inefficiencies and every player suffers a lot, starting from the farmers to the consumers.

The agriculture supply chain is complex, opaque and dogged by many challenges:

  1. It incurs a lot of risk because it depends on difficult-to-control factors(weather, pests and diseases).
  2. It lacks traceability of produce because of technological backwardness and unorganized nature.
  3. The settlement of transaction is very slow and often labor-intensive.
  4. Involvement of many middlemen or intermediaries leads to exploitation of the farmers.
  5. Increased food adulteration which leads to deaths and diseases.

The Way Ahead

Both private and public sectors are looking for ways to improve efficiency and reducing the high cost of moving goods along their supply chain. The use of IoT, AI and cloud computing are making the supply chain digitized. However, The Decentralized ledger technology (DLT) or Blockchain Technology has the greatest potential to make the agri-food supply chain completely transparent thereby improving efficiency and providing operational excellence by saving billions of dollars.

In a majority of countries, the agri-food industry is primarily the largest subsection of the manufacturing industries, representing 10% to 30% of this sector.

Blockchain ensures improved efficiency and increased customer loyalty by helping in the following ways:

  1. Providing Traceability and Transparency:

The decentralized technology provides perfect real-time tracking of the produce from farm to fork -with the help of IoT. This provides legal accountability of the counterfeit products or any fraudulent behavior in any of the processes along the agri-food supply chain. The tracking of the authenticity of the products ensures customer loyalty and trust.

QR codes, Radio Frequency Identification (RFID) chips, NFC sensors, crypto-anchors are the most promising devices which are used for tracking of the produce.

2. Ensuring Food Safety

Since immutable data is available across the supply chain, the companies are bound to meet the prescribed safety and quality standards. Data on the Quality (freshness, protection, geographical indications), safety (health, risk management) and sustainability (organic, fair trade) are available. Blockchain helps agencies and the government easily, confidentially issue export certifications which otherwise takes months. In case of an outbreak of an animal or plant disease, contaminated agri-food products or food fraud, Blockchain enables businesses and regulators to trace or pinpoint contaminated or fraudulent products more quickly and less wastefully.

3. Improving the efficiency of trade finance

The current method of trade finance is labor-intensive and the slow and costly processes of the financial institutions accounts for a lot of inefficiencies. Transactions include multiple copies of agreements between the shipper’s banks and receiver’s banks, as well as agreements on the value of the shipment and its loading procedures.

The lengthy intervals of price settlements delays the delivery and lock up billions of dollars. Blockchain era uses smart contracts to auto-execute the agreement of bills in real-time, by first valuing the transport, then verifying the consumer has sufficient funds and ultimately securing the budget in the customer’s pending delivery. Once the physical shipping is made, ownership for the grain is transferred to the buyer as the payment is concurrently settled from the reserved funds(Source: Fintech Australia, 2016). This eliminates the counterparty risk and frees up the working capital.

4.Driving agriculture insurance:

Talk about the most complex insurance, Agriculture insurance is the first in the list — because of illiteracy and its dependence on the natural factors.

In most of the countries, most of the farmers do not have access to the insurance policies and the farmers which already have the access, the policies are paper-intensive, rely on the manual labor to verify the claims which ultimately increases the cost and takes a lot of time to get the sum assured. Blockchain along with IoT can completely digitize the insurance process and make it easier and faster.

At the right time, some international players in the food industry upgrade their standards and increasing trust with consumers, have adopted blockchain technology. There are so many names like Neogen Corporation, which is a $3.75 B company have taken this technology to scale businesses, and there are so many development companies that can provide you a solution to your business. QuillTrace offers a full packed supply chain management platform backed by blockchain, helps you to increase your business revenue and build customer loyalty.

Get to know more about QuillTrace in the shared link below:

http://bit.ly/2RFh54m

Feel free to request a Demo for a better understanding of QuillTrace and how it could benefit from your existing system

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Source: https://blog.quillhash.com/2020/02/26/blockchain-a-bliss-for-the-agri-food-industry/

Blockchain

Chainlink, Synthetix, Verge Price Analysis: 05 March

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The altcoin market showed that market bears were in the ascendancy over the past week, with the same likely to continue over the next few days. Chainlink approached an area of demand at $25, while Synthetix faced rejection at the $27-level. Finally, Verge flipped the $0.019-level to support, although this development could be short-lived.

Chainlink [LINK]

Chainlink, Synthetix, Verge Price Analysis: 05 March

Source: LINK/USD on TradingView

On the 4-hour chart, LINK registered rising bearish momentum as the RSI dropped below 50. It was noting a value of 40, at the time of writing, and faced an area of demand in the $24.8-$25.8 zone. This could see LINK bounce to retest the $27-level as resistance.

The imminent levels of interest seemed to be $27, as likely resistance, and $24.8, as support. A drop below $24.8 would see the bears push further and climb to touch the $23.24-level of support.

The $23.24-level has been tested as support multiple times since early February, and certain on-chain metrics did point to a fall in the number of LINK users, which, in turn, could see less demand and lead to further losses.

Synthetix [SNX]

Chainlink, Synthetix, Verge Price Analysis: 05 March

Source: SNX/USDT on TradingView

SNX was trading within a descending channel for the better part of February, and a few days ago, broke out of the pattern with a technical target of $27.

SNX tested the $24-mark as resistance but its attempts to climb any further were met with rejection. SNX has since steadily posted losses and lost the $21-level to the bears. The MACD formed a bearish crossover and began falling to show downward momentum.

Over the next few days, the $19.7 and the $18.5-$19 zone can be expected to serve as support.

Verge [XVG]

Chainlink, Synthetix, Verge Price Analysis: 05 March

Source: XVG/USDT on TradingView

The ascending trendline had some confluence with the retracement level at $0.019, and the market bulls were able to defend that level. Closing a trading session under the $0.0189-level would likely see XVG drop back towards $0.0165, while a breakout past $0.021 would be a bullish development. A move lower was the more likely scenario, given the general market conditions.

Even though the DMI showed the bullish trend gaining some strength in recent days, the trading volume was in disagreement with the rally. The Awesome Oscillator was moving above zero, but did not show bullish strength.


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Source: https://ambcrypto.com/chainlink-synthetix-verge-price-analysis-05-march

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Blockchain

The Flash Mint is here: WETH10 turbocharges the flash loan concept

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A team has released WETH10, the latest iteration of the Wrapped Ether token that allows using Ether (ETH) in a DeFi setting. WETH10 carries a host of useful features, the most notable of which is the flash mint, an evolution of the flash loan concept.

Flash loans allow users to borrow the entire liquidity pool of a protocol to use as they see fit, without posting collateral. The only limitation is that the loan must be returned in full within the same transaction, otherwise the loan will never exist in the first place.

In the DeFi community, flash loans are primarily a tool for arbitrage, as they offer an unlimited source of funds for anyone transacting entirely within the DeFi ecosystem. This includes liquidation bots, with one lucky liquidator making $4 million from scratch in November by using flash loans. Another class of flash loan users are hackers and protocol exploiters, who often use them as a source of funds for their attacks.

The flash loan’s prevalence in hacks has made the concept somewhat controversial, with some arguing that they are net negative for the ecosystem and should be removed. For others, they represent one of few meaningful DeFi innovations, which democratizes access to arbitrage.

One limitation of flash loans is that the total sum available for a transaction is limited by the liquidity locked in a particular protocol. This is where the concept of a flash mint comes into play — instead of taking funds from a liquidity pool, the mechanism mints tokens out of thin air and destroys them once no longer necessary.

The amount that can be obtained from a WETH10 mint is not really infinite, Alberto Cuesta Cañada, technical lead for Yield Protocol and developer of WETH10, told Cointelegraph:

“The only limitation to flash mints of WETH10 is that the flash minted amount can never exceed 2^112-1 at any given time.”

In decimal terms, the number quoted by Cuesta Cañada has 33 zeros, which should be enough to cover any liquidity needs in DeFi. In practice, if the user needs to unwrap the WETH for a particular use, there may be limitations due to how much ETH is stored on the WETH contract.

Most DeFi protocols actually use WETH in the backend, though they hide this from users by automatically wrapping and unwrapping it at each interaction. If they were to switch to WETH10, the flash mint could grow to its full potential.

Will projects adopt the new standard?

“The new standard will be adopted slowly, it it gets adopted,” said Cuesta Cañada. “It is not users, but applications, that might adopt WETH10, and nothing might be seen for at least a couple of months.”

Adopting WETH10 only for the risk of amplifying potential losses from coding mistakes may be a tough proposition, but the new token carries a host of other advantages. WETH10 includes the ability to make transactions free for the end user, and it skips the “approve token” mechanic to save on gas costs and avoid security threats. An additional benefit of WETH10 is that its flash mint is completely free, unlike flash loan protocols levying their own fees.

Cuesta Cañada believes that newer projects will have an easier time integrating the standard, with existing names possibly doing so in their next releases. It is yet unclear if DeFi projects believe the risks of flash mints outweigh the benefits from the new WETH standard. “No one has committed to use it yet, but we haven’t gone looking for it either,” said Cuesta Cañada. He concluded:

“If the selling proposition of WETH10 is good enough, it will be adopted. If it is not, such is life, we all learnt a lot and had a great time coding it.

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Source: https://cointelegraph.com/news/the-flash-mint-is-here-weth10-turbocharges-the-flash-loan-concept

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Blockchain

Why there’s more to Chainlink’s growth than what meets the eye

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After a collective collapse a week ago, the digital asset industry recovered somewhat, before falling once again. However, it would seem that Chainlink missed the memo in the first place. In fact, AMBCrypto had recently reported about LINK’s inability to pull-forward without the assistance of strong on-chain fundamentals.

While its long-term credentials remain golden, during the aforementioned phase of corrections, LINK’s active addresses and receiving addresses fell to monthly lows. However, recent data might be suggesting a shift, one that may just confirm once again the narrative drawn by the previous article.

Chainlink’s brief rise above $30 saw significant Address Activity

Over the past 72 hours, LINK has been on a topsy-turvy journey on the charts. While the altcoin did recover briefly to touch $30, it soon fell on the back of the rest of the crypto-market reeling too.

However, what must be noted here is that when LINK was climbing, so was its on-chain activity, an observation that backed the notion that LINK’s hikes are usually always supported by strong on-chain fundamentals.

Source: Twitter

In fact, Santiment data showed that Chainlink registered its highest single-hour level of address activity over the last seven months. Around 26,700 addresses were active during the 1-hour window, a finding indicative of high on-chain activity.

The cohesion between the altcoin’s price and active address conformed with the narrative drawn in the previous article, one that highlighted the importance of network development for LINK’s value.

In the past, certain crypto-assets such as Bitcoin SV, Bitcoin Cash, etc., have depended on their correlation with Bitcoin more than anything else, for price appreciation. On the contrary, Chainlink is re-defining its interest and mostly basing its growth on market engagement.

Citi Group suggests LINK may gain upper hand against Bitcoin

Citi Group’s recent report bestowed major props to Bitcoin, identifying its intrinsic value and interest while suggesting that the asset could become the currency of choice for international trade.

In the same report, however, Citi also drew a comparison between LINK and BTC. The concluding sections of the report highlighted that Chainlink was recently recognized by the World Economic Forum as one of the 100 most promising technologies of 2020.

Chainlink has expanded beyond expectations, gaining adoption on other blockchains such as Polkadot as well. The report added,

“It is thus already possible to envision a commerce-linked or infrastructure-linked coin that may eventually eclipse Bitcoin. Innovation in the chain-based ecosystem is continuing apace and today’s offerings may yet give way to a new invention that garners more attention and assets than Bitcoin.”

Is LINK eyeing another breakout?

Source: Trading View

On the weekly chart, Chainlink seemed to be pointing towards another price hike, especially if bullish momentum is considerable over the next few weeks. As identified by the chart, Chainlink might be on its next rally phase, similar to the one it saw towards the end of July 2020. The same can be confirmed by the higher position of the 21-day Exponential Moving Average over the 20-Moving Average on LINK’s weekly price charts.

Higher accumulation at the current range may kick off the rally, therefore, keeping an eye out for whale movement will be imperative over the next few weeks.


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Source: https://ambcrypto.com/why-theres-more-to-chainlinks-growth-than-what-meets-the-eye

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