Decentralized Application for Selling Agricultural Production through Block Chain

Abstract

Farmers in developing countries encounter formidable challenges in obtaining fair prices for their crops. Due to their limited bargaining power, they often find themselves in disadvantageous positions, as wholesalers exploit this vulnerability by purchasing their produce well below its actual market value. Nevertheless, the emergence of blockchain technology has piqued the interest of experts who see it as a potential solution to foster equitable crop pricing for both farmers and purchasers. This study delves into the concept of using block chain-powered bidding mechanisms to create a more balanced environment between these two stakeholder groups. To achieve this, we delve into existing research that highlights the drawbacks of current systems and examine ongoing block chain implementations within agricultural markets. An intriguing aspect of blockchain is its decentralized nature, which holds the promise of enhancing trustworthiness by ensuring transparency. This, in turn, can curb fraudulent activities during transactions, ultimately leading to a fairer pricing system. However, this approach is not without its challenges. Technical limitations pose a hindrance to full-scale implementation, as do financial constraints. Despite these roadblocks, applying block chain in the agri-food industry can revolutionize the status quo by reducing manual interventions, streamlining transactions, and introducing traceability through the block chain. This technological advancement can significantly boost operational efficiency, furnish stakeholders with accurate insights, and champion transparency and accountability within the supply chain. In essence, the overarching objective is to foster dependable economic development opportunities by establishing sustainable models tailored to address the predicaments faced by rural communities worldwide.