Topic: Real-World Use Cases for Bitcoin in Agriculture? (Read 237 times)
I think it is not much used in such sectors. I always hear about food or tourism
I recently watched a documentary where someone incorporated the Blockchain into the supply of chickens to a supermarket. So you can scan a QR code on the packaging of the chicken and it will redirect you to the Blockchain with all the information you need to determine where the farm is where the chicken were grown and relevant information linked to that specific chicken.
People (customers) wants to know more about their food.... they want to make sure that if the packaging says "free range" ..that it is actually from a free range farm... etc.. etc.
People (customers) wants to know more about their food.... they want to make sure that if the packaging says "free range" ..that it is actually from a free range farm... etc.. etc.
You can use bitcoin to make transactions. I am not sure about receiving payment and sending the payment. There are other use cases of bitcoin in the Agricultural sector. If you have clients outside your country who agree on transactions through bitcoin, it would be great for both of you. Bitcoin is fast and cost-effective compared to bank/wired transfers.
Also, I think you will have limited number of clients due to people who involved in Agriculture may be unaware of bitcoin or its usage in real world. So, you need to convince them to accept bitcoin as payment option.
Also, I think you will have limited number of clients due to people who involved in Agriculture may be unaware of bitcoin or its usage in real world. So, you need to convince them to accept bitcoin as payment option.
When you wish to launch a new business concept or another payment method, the region you are from matters.
Having a bitcoin payment option for agriculture is a nice concept, however given how ignorant (unexposed) agricultural traders are about bitcoin, it is unlikely that they will be able to use bitcoin to pay for their transactions.
The usage of Bitcoin as a form of payment for commodities hasn't really taken off outside of agricultural traders, who tend to be elderly and uneducated people. The usage of money as payment for their agricultural products will continue to benefit them.
Having a bitcoin payment option for agriculture is a nice concept, however given how ignorant (unexposed) agricultural traders are about bitcoin, it is unlikely that they will be able to use bitcoin to pay for their transactions.
The usage of Bitcoin as a form of payment for commodities hasn't really taken off outside of agricultural traders, who tend to be elderly and uneducated people. The usage of money as payment for their agricultural products will continue to benefit them.
Aside from this, I would be happy to get suggestions on other real-world use cases of bitcoin in agriculture that would be beneficial to me.
The Blockchain technology that bitcoin operates with is what can have a real world use case in agriculture if you are looking for other use cases for bitcoins (crypto) in agriculture asides it's payment function. Blockchain technology can improve data collection, food traceability, Quote
With increased globalization and intense competition in the market, food supply chains have become longer and more complex than ever before. There are some common problems in food supply chains such as food traceability, food safety and quality, food trust and supply chain inefficiency, which add additional risks on the entire society, economy and the health of human.
From the producers’ perspective, the use of blockchain technology helps establish a trust relationship with consumers and build up the reputation of their products, by transparently providing individual product information in the blockchain. Enterprises can better achieve the value of their products and thus increase their competitiveness. This would make it difficult for suppliers of fraud and low-quality products to stay in markets and force all suppliers to improve the quality of products in the whole agricultural and food sectors. From the consumers’ perspective, the blockchain makes true and reliable information about how food is produced and transacted available. It helps address consumers’ concern about the safety, quality and environmental friendliness of food (Ge et al., 2017). The use of blockchain provides the possibility for consumers to interact with producers because consumers can understand the food production process more conveniently and in more detail. It supports consumers by removing obstacles in the exchange of goods to tighten their relationship, and thus strengthen consumer trust and confidence in food safety. From the regulatory agencies’ perspective, blockchain makes reliable and accurate information available for them to carry out informed and efficient regulations (Zhou et al., 2016; Chen, 2018).
Blockchain is capable of recording the information of a product from its provenance to the retail store. It provides a secure and immutable way of storing data collected at the start of the supply chain...
From the producers’ perspective, the use of blockchain technology helps establish a trust relationship with consumers and build up the reputation of their products, by transparently providing individual product information in the blockchain. Enterprises can better achieve the value of their products and thus increase their competitiveness. This would make it difficult for suppliers of fraud and low-quality products to stay in markets and force all suppliers to improve the quality of products in the whole agricultural and food sectors. From the consumers’ perspective, the blockchain makes true and reliable information about how food is produced and transacted available. It helps address consumers’ concern about the safety, quality and environmental friendliness of food (Ge et al., 2017). The use of blockchain provides the possibility for consumers to interact with producers because consumers can understand the food production process more conveniently and in more detail. It supports consumers by removing obstacles in the exchange of goods to tighten their relationship, and thus strengthen consumer trust and confidence in food safety. From the regulatory agencies’ perspective, blockchain makes reliable and accurate information available for them to carry out informed and efficient regulations (Zhou et al., 2016; Chen, 2018).
Blockchain is capable of recording the information of a product from its provenance to the retail store. It provides a secure and immutable way of storing data collected at the start of the supply chain...
(It is a really long read, but it is worth your time since the question has been raised, you can read more HERE )
ok imagine this
It can be applied with hierarchical deterministic wallets aka HD wallets. It will give addresses like a tree structure as you explained.Wallets chapter in Mastering Bitcoin.
Quote
First, the tree structure can be used to express additional organizational meaning, such as when a specific branch of subkeys is used to receive incoming payments and a different branch is used to receive change from outgoing payments. Branches of keys can also be used in corporate settings, allocating different branches to departments, subsidiaries, specific functions, or accounting categories.
The second advantage of HD wallets is that users can create a sequence of public keys without having access to the corresponding private keys. This allows HD wallets to be used on an insecure server or in a receive-only capacity, issuing a different public key for each transaction. The public keys do not need to be preloaded or derived in advance, yet the server doesn’t have the private keys that can spend the funds.
The second advantage of HD wallets is that users can create a sequence of public keys without having access to the corresponding private keys. This allows HD wallets to be used on an insecure server or in a receive-only capacity, issuing a different public key for each transaction. The public keys do not need to be preloaded or derived in advance, yet the server doesn’t have the private keys that can spend the funds.
Centralized exchanges credit their customers receiving addresses like this too if I don't misunderstand.
Some result you mentioned would be negated if wholesalers doesn't re-use address, which is common things to do if they use payment processor/gateway.
each batch/yield/product can have a QR code that links which address its part of. where yes the addresses change per day/batch/season. but . the good thing about code. you can code a taint analysis system/blockchain explorer where the wholesaler tags its addresses to make it known which address is what
i used vanity address as just this forums easy demo. but the same can be done by just using normal addresses that change per batch/yield/season. where a explorer, which the qr code sends you to, converts block data into useful human readable reference
you are not stuck with having the same QR code(locked to one address) on a product range for 20 years. qr codes on packaging can change per batch.. much like "sale by" dates change on packaging
For some time now, I have begun to research and think about venturing into agriculture. I'm currently sketching out my business plan and trying to get everything in order. As a strong supporter of bitcoin, I would like to incorporate bitcoin into my agricultural venture. I know that fast and secure payments are one of the benefits it offers business people, especially cross-border payments. Aside from this, I would be happy to get suggestions on other real-world use cases of bitcoin in agriculture that would be beneficial to me. I'm hoping to get your recommendations.
I don't think there is any benefit to using bitcoin in agriculture. You can make fast and secure transaction through banks and it will be the most supported payment method in this business. You will have to put your time and resources to find ally that accepts bitcoin payments and then you'll find it difficult to negotiate with them.I think that only benefit bitcoin can bring to your agricultural business, is marketing. You can pretty much gain attention from media probably as the first agricultural company in your country to accept bitcoin payments.
By the way since you want to improve your business and at the same time be associated with crypto, you should start thinking about blockchain. Blockchain technologies can help you save expenses across the agricultural supply chain.
this will depend on the country, for example if in your country it is a country where people do not use bitcoin as a payment method then it will be very difficult for you to add bitcoin to your venture, imagine that you have a banana plantation, you take a truck and provides bananas in the markets, people will want to buy using fiat, because they are also sellers of bananas and are being paid in fiat, it is more practical for these people, this is also because they pay tax in fiat to the government, knowing that bitcoin has rises and falls prices and I still haven't seen governments accept that people pay taxes using bitcoin so the right thing is not to use bitcoin
now if in your country they accept bitcoin as a payment method then you can put that you accept bitcoin as a payment method, but don't expect that you will see many people paying with bitcoin, it costs nothing to experiment, you just need to observe in your country what level they are when it comes to bitcoin payments, it is important that you have statistics on how many people are using bitcoin in your country and which region of your country has the highest flow of people who are using bitcoin as a payment method
now if in your country they accept bitcoin as a payment method then you can put that you accept bitcoin as a payment method, but don't expect that you will see many people paying with bitcoin, it costs nothing to experiment, you just need to observe in your country what level they are when it comes to bitcoin payments, it is important that you have statistics on how many people are using bitcoin in your country and which region of your country has the highest flow of people who are using bitcoin as a payment method
As a strong supporter of bitcoin, I would like to incorporate bitcoin into my agricultural venture.
It's a good idea. But the only problem could be, not enough people are using bitcoin right now, adoption still has a long way to go, and considering that agriculture is a kinda conservative industry, I think there will be even fewer people using it. And the second problem you can face is the governmtnet. One guy already made a post about using bitcoin in his business but in the end, he was forced to stop accepting it because the government didn't like it. I think it's because it's not regulated enought.
But it's worth to try, just saying what kind of chalanges you can face.
Good luck.
The only thing that I can think of is payment transactions since agriculture is mostly mechanical and physical, which I think Bitcoin can only contribute to through its transactions as well as using it as a means of payment. Though agriculture is very broad, what's your goal in your research? Can you break it down so that we can analyze it too? Like, can the blockchain that was used by Bitcoin affect agriculture, or what is the help on it? Some sort of that
ok imagine this
1Wh34tF4rm3r (4btc) - 1S33dsuppl13r (0.5) (seed supplier)
1m4ch1n3l34s3(1.0) (machine lease)
1m4nur3St0r3 (0.5) (manure store
1lab0ur4C05t (1.0) (labour cost)
1Wh34tF4rm3r (1btc) (farmers profit)
and then
1Whol354l3r(4.5 btc) -> 1Wh34tF4rm3r (3btc) (wheat farmer purchase)
1Whol354l3r(1.5 btc) (wholesalers profit)
and then
1r3t41l3rHQ(9btc) -> 1Whol354l3r(4.5 btc) (wheat from wholesaler)
1r3t41l3rHQ(4.5 btc) (retailers profit)
results are:
this can easily be audited, shows the money flow
it can also show the source of retailers produce
customers can easily track addresses to source where they can see the farmer address and farmer can publish its address and people can see fair trade, source, the quality of their products they bought (knowing the seed supplier)
EG genuine domestic seeds not foreign
the farmer can show its costs for the previous season (tx 1) to show the wholesale what it expects the wholesaler to pay
the wholesaler shows its costs to show what the retailer is expected to pay
farmers can see their competitors to see if wholesalers are offering competitive deals equally
1Wh34tF4rm3r (4btc) - 1S33dsuppl13r (0.5) (seed supplier)
1m4ch1n3l34s3(1.0) (machine lease)
1m4nur3St0r3 (0.5) (manure store
1lab0ur4C05t (1.0) (labour cost)
1Wh34tF4rm3r (1btc) (farmers profit)
and then
1Whol354l3r(4.5 btc) -> 1Wh34tF4rm3r (3btc) (wheat farmer purchase)
1Whol354l3r(1.5 btc) (wholesalers profit)
and then
1r3t41l3rHQ(9btc) -> 1Whol354l3r(4.5 btc) (wheat from wholesaler)
1r3t41l3rHQ(4.5 btc) (retailers profit)
results are:
this can easily be audited, shows the money flow
it can also show the source of retailers produce
customers can easily track addresses to source where they can see the farmer address and farmer can publish its address and people can see fair trade, source, the quality of their products they bought (knowing the seed supplier)
EG genuine domestic seeds not foreign
the farmer can show its costs for the previous season (tx 1) to show the wholesale what it expects the wholesaler to pay
the wholesaler shows its costs to show what the retailer is expected to pay
farmers can see their competitors to see if wholesalers are offering competitive deals equally
I mean, bitcoin is a currency/store-of-value, so your options are pretty limited to either or both. It's pretty much like asking how the USD(or your local currency) or an investment asset can help your agriculture business.
It would be nice for you if you can start with it anytime sooner so that when people see your success about it, they will gonna follow your way. I haven't seen someone who posted this kind of idea and this might be the first time you will gonna have lots of support from us once you make it real. The idea will come for you once the service is functioning and most of the time you can read some suggestions from our members too. I think the first thing you need to try is the exchanges you will use or your BYC wallet to receive payment, you need to understand its downside before using it so that you will gonna have the remedy once you choose to receive bitcoin payments with it.
The most common usage of Bitcoin is a payment. It is a mean of payment for everyone, everywhere and with what price of Bitcoin, you always can exchange your bitcoin to another person with individual deal.
Payment can be used in finance, merchant, agriculture, game and many things. If people see value of Bitcoin, they will accept such deals and make exchanges with each other by Bitcoin.
In agriculture, you can apply Bitcoin for payment process and I think it is the most possible application for it in agriculture.
Blockchain Applications in Agriculture: A Scoping Review. Many applications can be applied in future when Bitcoin is adopted globally and it has more developments to bring it to more industries, more people.
Payment can be used in finance, merchant, agriculture, game and many things. If people see value of Bitcoin, they will accept such deals and make exchanges with each other by Bitcoin.
In agriculture, you can apply Bitcoin for payment process and I think it is the most possible application for it in agriculture.
Blockchain Applications in Agriculture: A Scoping Review. Many applications can be applied in future when Bitcoin is adopted globally and it has more developments to bring it to more industries, more people.
Bitcoin can only be used as currency in a business, it's really help if your agriculture farm are really huge and you're export your products. But if your agriculture farm is small to medium and can't compete with the other countries's product, I don't see any reason why you need to accept Bitcoin payment because many people in your country will tend to use fiat. Anyway it's not only limited to agriculture, you can accept Bitcoin in any sectors!
Same use case as a currency. It will happen if there is a necessity to use BTC like what is going on in Nigeria where the government is forcing them all to use the CBDC and declaring fiat bills not legal tender anymore.
I'm not familiar with the industry but let's say you can buy fertilizers using BTC. It could be easier to accept BTC for agricultural products if there are also distributors of seedlings that accepts BTC. Maybe farmers in the org can even accept BTC in the farmer's market.
I'm not familiar with the industry but let's say you can buy fertilizers using BTC. It could be easier to accept BTC for agricultural products if there are also distributors of seedlings that accepts BTC. Maybe farmers in the org can even accept BTC in the farmer's market.
There isn’t much of a use-case except being a method of payment for your products. I think you should research the market and see what your competitors are doing and what you can be doing differently. For example, I know the popular bitcoiner in Nigeria aka Bitcoin Chief has a agricultural based platform for his farm and created his own crypto that’s being used as a transactional token to purchase agricultural products from his website. You can do something similar that can displace your competitors, people will more comfortable using bitcoin as payments than alien tokens.
For some time now, I have begun to research and think about venturing into agriculture. I'm currently sketching out my business plan and trying to get everything in order. As a strong supporter of bitcoin, I would like to incorporate bitcoin into my agricultural venture. I know that fast and secure payments are one of the benefits it offers business people, especially cross-border payments. Aside from this, I would be happy to get suggestions on other real-world use cases of bitcoin in agriculture that would be beneficial to me. I'm hoping to get your recommendations.
This is an entirely a good and welcome idea to put in place for bitcoin acceptance in making payments in agricultural settings, then it will also make a good edge if your business is considered one of the international standards whereby it will also attract the patronage from within and outside your country, when you make them supply of your produce to be exported to other countries to also benefitted from your farming activities, payment through bitcoin can be made as a means to ease the cross boarder transactions fee rate and other payment barriers causing delay, your produce as well can be listed on the blockchain technology network where everyone can see and pick up a demand for any varieties they want from you.
+1 to the reply by Fivestar4everMVP.
Bitcoin has about three major usecases;
• As a store of value
• As an investment, and
• As a currency.
The first two doesn't factor into the agricultural sector. This leaves us with using it as a means of accepting payments for agricultural produce or making payment for equipment or other necessities.
You can try to think outside the box and figure out a way to create a totally redundant coin which runs on the block chain tech and aids agricultural purchases or some other garbage that devs sell to market their shitcoins. But this would not in anyway be linked to Bitcoin.
Bitcoin has about three major usecases;
• As a store of value
• As an investment, and
• As a currency.
The first two doesn't factor into the agricultural sector. This leaves us with using it as a means of accepting payments for agricultural produce or making payment for equipment or other necessities.
You can try to think outside the box and figure out a way to create a totally redundant coin which runs on the block chain tech and aids agricultural purchases or some other garbage that devs sell to market their shitcoins. But this would not in anyway be linked to Bitcoin.
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