Implementing Blockchain in Agriculture for Increased Return on Investment

Implementing Blockchain in Agriculture
 

Science and technology have gained great traction in the Agricultural industry over the last few decades, however, the true extent of digitalisation and smart farming is yet to be fully realised and commercialised.

Whilst it’s no secret that agriculture is one of the last global industries to ‘go digital’, the global market for AgTech is set to reach $22 billion by 2025.

The main reason it has taken so long for the industry to move forward in adopting new technologies is the lack of qualitative and quantitative data surrounding the use of blockchain in agriculture, which makes it hard to pinpoint where the most value exists and how farmers can extract it for return on investment.

Our data provider, KG2, has used its extensive farmer database to conduct thousands of CATI surveys with farmers which aim to bridge the knowledge gap between farmers, consumers and AgTech companies.

Agricultural market research provides clarity on a handful of key areas regarding the evolution of the modern supply chain to ensure profitability for farmers and meet the growing accessibility and traceability needs of consumers.

Our farmer database consists of all farming types across Australia so we know exactly what each industry specifically needs in order to digitalise, however this article will illuminate the overarching issues that appear across all states and farming operations that need to be addressed in order to achieve greater returns on investment across the entire industry.

The first thing to note is that farmers are becoming increasingly tech savvy as they understand that technology can be of extreme value to their operations if harnessed in the correct way.

Most farmers that we speak to are utilising some form of farm business management software because it saves them a lot of time and effort regarding data collection and analysis.

Farmers are also realising that consumers want to know where their food comes from before buying it in this day and age.

As such, therein lies a marketing opportunity – premium prices for a guaranteed and fully traceable product.

Put simply, AgTech is designed to streamline farming operations whilst also providing a return on investment for farmers.

However, it is not the technology or even the product that achieves this: rather, the farmer engagement and ongoing support and education that is provided via an end to end customer experience – which proves to be the ultimate differentiator in the industry.

Confidence and reliability are the main factors that ultimately decide if a farmer is willing to invest in smart farming.

It is crucial that agricultural market research in the form of CATI exists in order to keep farmers in the loop regarding support for new technological products as they work their way through the processes of identifying, evaluating, purchasing, implementing and scaling technology across their operations.

Allegiant Media can help you connect and engage with farmers using our  Agricultural Media and its highly targeted segments. To learn more, get in touch here

This article was originally published on www.kg2.com.au on August 26, 2020.