Lawmakers from the US’ State of Colorado are seeking exploration of blockchain for the agriculture industry. Representatives and senators from the state have jointly filed a bipartisan bill asking the commissioner of the Department of Agricultural, to formulate an advisory group to research potential applications of blockchain technology in agricultural operations.
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Blockchain technology was introduced in 2009, as a platform for the famous cryptocurrency, Bitcoin. Currently, China and the United States are leaders of the blockchain market. Introducing the innovative technology in the the agricultural sector could do wonders in terms of cost efficiency and reduction of wastage.
There lies prospects in improving agricultural operations through blockchain technology and it has generated widespread interest across the globe. Last month, French President Emmanuel Macron made a call for increased use of data technologies such as blockchain across the EU to boost the agriculture industry.
Benefits of applying blockchain to agriculture include recording, maintaining and verifying data for production and transportation, certification of organic products, tracking and ordering resources, control over inventory, etc.
The advisory group will conduct its research and report back to the assembly on January 15, 2020, with its findings and suggestions.
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