Blockchain- The Disruption
As per an International Monetary Fund (IMF) survey in 2018, India ranks 7th amongst the 195 countries in the world, which implies that the Indian economy is growing at a very fast rate.
According to the Economic Survey of India, around 20.5 million Indians depend upon the livestock sector for their livelihood which contributes about 4% of the country’s GDP and 26% of the total agriculture GDP. Moreover, the livestock industry itself contributes to 8.5% of the employment in India and thus this sector must focus on the quality of the overall industry infrastructure, particularly processing and cold storage.
Considering these figures, B. Soundararajan who is presently Chairman of CLFMA of India opened the forum by highlighting the significant role of the livestock Industry being the lifeline of rural India and urged the members of the industry to think strategically with a long-term vision.
In response to this, Mr. Sudhir Chaudhary from Auxledger Foundation emphasized on how the implementation of blockchain technology in the livestock industry would make it much more productive, efficient and convenient. Thereby, improving efficiency and safety in transactions, for example smart contracts enables faster and safer transactions.
Let’s critically analyze the consequences of implementing the technology:
1. Blockchain technology will create a hassle-free payment system without any intermediaries.
2. The shared ledger platform will be immutable and will ensure transparency and trust that is required in the supply chain.
3. It would be possible to trace the food from source to destination. The responsibility is taken by global organizations like Walmart and IBM who are working on it.
4. The proposed blockchain solution with a benefit distribution program can be used for government subsidies/schemes which can be correctly deployed for the benefit of the farmer and hence to the overall industry.
5. Blockchain technology can be used to identify the potential food consumers and target the specific audience based on their preference and eating habits.
Mr. Sudhir Chaudhary, Founding Member of Auxledger shared his important insights about the positive impact of blockchain technology in the livestock industry.
The event was a great success, which left the livestock industry amazed with how blockchain technology can transform the whole system. The industry leaders are now looking forward to implementing blockchain technology.
