How Blockchain works

The Road to Blockchain

While agriculture is the most significant sector in rural areas and provides a livelihood for 70 per cent of the world’s poor, it is also the industry that provides the biggest disconnect between supplier and retailer. Using Blockchain, however, is a more direct link that can be established, ensuring that farmers receive fair payment for their produce and enabling retailers to verify that they are getting paid quickly and properly.

dFarm has built the road using Blockchain technology in the agriculture industry to create systems that will record the journey taken by the produce through the supply chain by utilizing the power of a shared secure ledger. Also, older agricultural models are seeing a resurgence, using the Blockchain technologies to improve upon established practices.

Issues solved by Blockchain

Why Blockchain

DFarm uses blockchain to record the journey taken by produce through the supply chain by utilizing the power of a shared secure ledger.

Blockchain Assurance

Ensures that farmers receive fair payment for their produce and enables retailers to verify that they are getting paid quickly and properly.

Real-time Ledger

Minimizes fraud, maximizes transparency and ensures that each link in the supply chain is quickly satisfied. The connection between commodity buyers and farmers can now be monitored more closely with distribution channels being streamlined even further.

Smart contracts

Agriculturists often have extensive contractual obligations to a multitude of stakeholders. Blockchain helps in hedging contracts and pre-sales of harvests.

Tracking & tracing

Every step of the transaction process is recorded using Hyperledger Blockchain technologies.  Once the retailers are paid, the money will be instantly distributed to all parties involved from farmer to retailer efficiently and transfer payments can be monitored via dFarm’s mobile app.

Fair Pricing

All pricing is set by dFarm’s business model, which establishes the MVP rate. Even suppliers in rural areas are able to determine what their produce is currently worth and at a price that reflects global market conditions.

Data monitoring

Using Blockchain data monitoring allows farmers to capture data in real-time that will help them plan estimation of produce production more efficiently and maximize the success rate of their harvests.

Minimize human error

Blockchain can take human tasks and automate them in order to minimize errors. Also, AIMS Blockchain can present information to farmers regarding tainted products throughout their supply chain i.e type of crops and from the farm they were grown.

Financial settlements

All electronic payments are settled to all the parties involved, including the farmer.