Abstract: The world economy is drastically changing, and as of
today, emerging economies account for approximately 59% of the total
global domestic product (GDP).
1 With seven of the
ten largest agricultural producers and exporters being in emerging
economies, the agricultural sector constitutes a large portion of these
economies. Agriculture accounts for almost one billion in global
employment and is the largest employer of women in developing nations.
However, ongoing issues, such as lack of transparency and efficiency,
plague the industry. Today, nearly 40% of the world’s agricultural land
has degraded due to either environmental changes or soil problems caused
by unsustainable agriculture or mismanagement.
2
Furthermore, demand for non-food biofuel crops, development of former
farm lands, rising transportation costs, climate change, consumer
demand, and population growth are threatening food security. As most of
these economies are going through developmental transitions, they face
the additional problems of political instability, corruption,
international debt, and lack of infrastructure/agricultural financing
options.
Smallholding, which forms the bedrock of agriculture sectors in emerging
economies, is considered by the International Fund for Agricultural
Development as part of the solution to global food security. According
to economists, agriculture was the pillar of the industrial revolution,
and in today’s perspective, effective and innovative agriculture has the
potential to be the pillar of the new digital revolution. Additionally,
a report published by the International Food Policy Research Institute
suggests that agricultural technologies will have the greatest impact on
food production if adopted in combination with each other. The purpose
of this study is to identify and dissect current and potential future
problems associated with the agricultural industry, and potential
solutions to these problems through emerging technologies such as
blockchain. The publication will also introduce several companies or
projects that utilize blockchain technology and will discern whether
their solutions address critical problems or introduce new market
opportunities associated with the agricultural industry.