The agriculture industry could see a huge boost from blockchain technology, predicted to hit $430 million within five years.
According to a new report – Blockchain: Agriculture Market Forecast until 2023 – the blockchain in agriculture and food supply chain market will be valued at $60.80 million in 2018, before rising to $429.70 million in 2023 at a growth rate of 47.8 per cent year over year.
The report summary reads: “According to the FAO, every year about one-third of the food produced globally is wasted, which calls for a need to estimate and manage the actual supply and demand of food products so that these products reach the needy. These issues can be easily and efficiently tackled by effectively using the blockchain network.”
The shift will not, however, be plain sailing, as the same issues with regulation and widespread adoption transfer over to any industry attempting to utilise blockchain.
“The uncertainty in regulations and standards is the major factor restraining the growth of the blockchain in agriculture and food supply chain market globally,” the press release continues. “Apart from this, the challenges faced by all stakeholders to connect digitally is another major factor affecting the growth of the blockchain in agriculture and food supply chain market.”
Despite these challenges, the report predicts that North America will be the dominant force in blockchain for agriculture.
“In the overall blockchain in agriculture and food supply chain market, North America continent is forecasted to be the biggest area, in terms of value importance, between 2018 and 2023. This zone comprises economies including the US and Canada, which occupy a significant share of the overall blockchain in agriculture and food supply chain market.”