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Gardening & Agriculture gardening   agriculture General

Blockchain technology is set to change agricultural trade

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by: Ariana M
blockchain technology is set to change agricultural trade

Agricultural trade plays an important role in global food security and is a major part of many countries’ economies. And yet, this is a sector where it is common for trades to be merely verbal agreements or have various brokers, agencies and traders act as mediators. A French start-up called Ositrade is looking to change that with the help of blockchain technology.

Last month, Ositrade has launched their new online market place that allows producers, buyers and manufacturers to connect with each other directly and conduct transactions in a transparent and safe manner. Moreover, it changes the way that administration and documentation of such deals is handled, therefore making it more efficient for all parties.

The founder of this platform believes that it could not only make trading easier, but also revolutionise the sector and raise the quality of all French production. This will be made possible by cutting out the middlemen and providing more data on each of the parties involved in a transaction. This increased transparency, as well as the security of the platform, will guard against fraud and promote stronger relationships.

In order to make this a reality, Ositrade has partnered up with Hyperledger, an umbrella project of open source blockchains and related tools that was started by the Linux Foundation.

Man looking at a wall with the word Blockchain

More sustainable and ethical practices

Ositrade platform offers a multitude of functions to its users, including automatically generated contract templates, cloud storage for relevant documents and certificates and various filtering possibilities. One of the most important filters according to Ositrade is the geolocation filter. By helping companies find partners that are close to their location, Ositrade aims to improve logistics and push the supply chains towards more sustainable and ethical practices.

At the moment Ositrade is only available in France, but they are aiming to expand to the rest of the EU by 2019 and go global in 2020.

Do you think using blockchain technology can change the agricultural sector? Share your opinion with us in the comments below!

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