Global Agrifood Blockchain Market
Blockchain is a technology that finds stability in a network format and is almost unbreachable in nature. With correct inputs, the origin can be traced back. This digital ledger can be used in the distribution of agrifood and the digital stamp each stakeholder gets in the process, is unalterable. The global agrifood blockchain market is thriving as it curb food wastage and prohibit food fraud.
Increasing demand for agricultural food-chain transparency is one of the major reasons promoting the global agrifood blockchain technology. Collection of several other data like personal consumer data, fraud, consumer trust, product quality, environmental impact, logistic problems, and food safety act like a thrust provider for the global agrifood blockchain market. This can benefit farmers and small & medium enterprises immensely. However, the agrifood blockchain market can experience some hindrance in the form of lack of skilled labors. At the same time, farmers often don’t possess such advanced technology which can hold back the growth.
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Key Players of Global Agrifood Blockchain Market =>
Several players are taking part in the global agrifood blockchain market. These players are IBM, Microsoft, SAP SE, Ambrosus, Origintrail, Arc-Net, Blockgrain, Agridigital, Ripe.Io, Chainvine, Vechain, Oracle Corporation, and others.
The global Agrifood Blockchain market has been segmented in the report on the basis of stakeholder, provider, and application. Such an analysis has its focus on understanding various market trends that can be productive in the future and factors that can shape the market in the coming years.
Based on the stakeholder, the agrifood blockchain market can be segmented into Growers, Food Manufacturers/Processors, and Retailers. The retailers segment takes the end product to the customers and plays an integral role in taking the market forward.
Based on the providers, the agrifood blockchain market can be segmented into Application & Solution Provider, Middleware Provider, and Infrastructure & Protocol Provider. These providers are ensuring a safe passage for the product from the producer to the end-user.
Based on the applications, the Agrifood blockchain market includes Smart Contract & Governance, Tracking & Visibility, product Traceability, Payment & Settlement, Risk, & Compliance Management. Product Traceability is gaining substantial traction due to its ability to track and trace back to the origin of various foods. This helps in maintenance of the product quality and its impact on the market.
The Global Agrifood Blockchain market, based on a demographic study, can be segmented into regions like North America, Europe, Asia-Pacific, South America, and the Middle East & Africa (MEA). The region-specific analysis opens up ample space for analysis of the global market and identifies growth pockets for future evaluation.
North America is contributing remarkably as it is gaining benefits from structural development and better integration of digitalization and blockchain process. The region has turned into an expert in handling matters regarding blockchain. The APAC region is also showing immense promise owing to several countries contribution in the agricultural products. The end product has been designed to curb food wastage and stop food fraud.
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