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New opportunities of block chain application in agricultural food industry From Food and Agriculture Organization of the United Nations

The following is the New opportunities of block chain application in agricultural food industry From Food and Agriculture Organization of the United Nations recommended by And this article belongs to the classification: Blockchain, research report, the United Nations.

In the global scope, regardless of the level of economic development, human beings are constantly transferring value. Value transfer is a basic human activity that enables people to trade goods and services and accumulate productive capital and savings for the creation of well-being. In order to reduce the uncertainty in the process of value exchange, institutions play a role to ensure trust and reduce the risk between buyers and sellers.

Institutions that act as intermediaries in the process of value exchange use centralized electronic books to track assets and store data. Because these intermediaries usually rely on manual input and are vulnerable to fraud, value transfer often brings high costs to both buyers and sellers, which greatly increases the operating burden. High transaction cost is the main bottleneck of economic development. In addition, the poor traceability of cash transactions (in both formal and informal economies) ultimately hinders the ability of SMEs (especially in developing countries) to obtain credit, enter new markets and grow.

Distributed ledger technology and smart contracts provide a unique opportunity to improve the efficiency, transparency and traceability of value and information exchange in the agricultural sector. Distributed ledger technology can improve agricultural supply chain and rural development interventions in a variety of ways by using digital records, cryptography and disintermediation of transaction processing and data storage. The technology can simplify and integrate the agricultural supply chain, improve food safety, increase access to trade finance and other types of agricultural financial services, improve market transparency, enhance legal certainty of land ownership system, and enhance accountability for compliance with international agricultural agreements.

This paper aims to deepen the understanding of the opportunities, benefits and applications of distributed ledger technology in agricultural food, and explore the potential of distributed ledger technology to solve its many challenges by allowing vulnerable market participants to participate in the integrated supply chain. It also defines the technical limitations, possible institutional barriers and the next step of the public sector. All in all, this paper reveals how distributed ledger technology can promote the realization of sustainable development goals.

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