Page 37 - Banking Finance November 2020

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the supply chain - the producer, the place of origin, the enhanced with more data. The trinity of these technologies
shipping company, the destination, the multimodal will not only help increase efficiency but also help businesses
transport, the warehouse and finally consumers. In deliver better customer service.
payment methods, it provides a digital payment solution
with zero rates. Many agricultural products are Limitations
produced by households. Due to the low transaction Despite enormous potential advantages, key limitations
volume and small scale, traditional e-commerce is remain for applying the blockchain technology in agriculture
neither willing nor able to provide services for them, and food sectors.
thus excluding these participants from the market. Y Further research is required on the transacting parties'
Blockchain technology can greatly reduce transaction motivation to provide genuine and precise information
costs and incorporate them into the market again. to the blockchain ledger. The information generated in
the farming process is scattered and owned by
IoT, Blockchain & AI in action - Putting individual farmers. Blockchain technologies' benefits for
farmers might be dependent on the size of the farm.
it all together
On the one hand, smaller farms could easily participate
Below is the visual representation of how the three in a blockchain-based insurance market. On the other
technologies work in tandem with each other. The diagram hand, collecting and integrating on-farm data might be
is a little simplistic as the processes with not happen in more convenient for larger farms. Thus, future research
parallel all the time and there would be overlaps. should try to anticipate which farms could benefit and
which could lose from the introduction of blockchain-
Artificial Intelligence gets layered over the IoT platform based solutions.
while the data from external sources flows through the
Blockchain platform. Even the data exchange within the IoT Y Obtaining the data uploaded to a blockchain can be very
network can happen over Blockchain to ensure traceability costly, which will be a barrier to the adoption of
and recording of all transactions. Multiple IoT networks can blockchain technology in the sector. The setup of
exchange data while the power of AI will get exponentially distributed ledger itself may be relatively cheap,

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