Blockchain has been identified as a technology with the potential to revolutionize the agriculture and food supply chain industry. A report from InsightAce Analytics found that the market for blockchain in the agriculture and food supply chain is expected to grow to over $7 billion by 2031, with a CAGR of 43.76%. Blockchain can be used to increase traceability and automation in the supply chain, as well as to facilitate regulatory compliance and reporting. It can also enable better management of land rights, food safety tracking, and more efficient payments.
