Report: Blockchain in Agriculture and Food Supply Will Be Worth $430 Million

The agricultural and food supply chains will exceed $400 million investment by friendly blockchain startups, in view of a new report released recently.
Authored by Reportlinker, a report released this week “Blockchain: Agriculture Market Forecast until 2023” foresees the sector growing from its current worth of $60.8 million to $429.7 million at a compound annual growth rate of 47.8 percent. “Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations” the summary press release reads.
“The blockchain market is expected to grow, owing to the increase in the demand for supply chain transparency along the agriculture and food verticals.”
The large food giants worldwide were experimenting with an improvement in the blockchain available solutions to address a range of inefficiencies.
The latest participants also came into the form of producers of milk farmers in America’s food supply chain and dutch supermarkets in order to use the tech for orange juice manufacture tracking.
In addition, the report continues, decentralized techs could help combat emerging problems in the industry such as the so-called “food frauds”.
The estimated fraud cases cost $ 49.0 billion for the global food industry each year, according to research data gathered from the global food industry. This has resulted in an increased awareness of consumers, which is further expected to manage growth in agriculture and food supply chain.
In July, it was reported about the impact of blockchain in the telecommunications sector, which landed nearly $ 1 billion of value in a five years period.

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