The term blockchain is often only mentioned in connection with cryptocurrencies such as Bitcoin. The extent to which the technology, with the help of which all data of a transaction can be managed efficiently and securely, can also provide more transparency in other areas, is being researched worldwide. A new B2B study carried out by the Austrian Institute of Technology AIT on behalf of the trade association and the credit agency CRIF primarily revolves around innovation opportunities in the agricultural sector of developing regions through the use of blockchain. Three potential areas of application were examined: the digitalization of the organic shrimp value chain, the provision of harvest-relevant information for cocoa production and the improvement of farmers' creditworthiness through a peer-to-peer network that could be set up as a reputation platform. The latter in particular has great potential.

Although the presenters of the study see great potential in blockchain technology, they will not expect practical applications in a few years
Patience asked: Although the presenters of the study see great potential in blockchain technology, they will not expect practical applications in a few years

Nevertheless, study director Ross King advised patience at the presentation in mid-April: "There are sure to be some setbacks over the next few years. In about six to eight years, we will then use the technology productively. "The hype surrounding Bitcoin should not overshadow the fundamental usefulness of technology - creating a new foundation of trust and transparency for different actors in a supply chain.

More information about the study of the trade association you get here!

Photos: Trade Association