Uses of blockchain technology upsc
The Ministry of Electronics and Information Technology MeitY has prepared a draft framework for the use of blockchain technology in government services and intends to use it in the areas of property record keeping , digital certificates , power distribution , health records as well as supply chain management. All the applications of blockchain technology are likely to be explored by the government under the leadership of the IT ministry. Blank Answer Sheet. Top Notifications. National Strategy on Blockchain.
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Distributed ledger
Blockchain for Food and Agriculture View all 4 Articles. The blockchain is a ledger of accounts and transactions that are written and stored by all participants.
It promises a reliable source of truth about the state of farms, inventories and contracts in agriculture, where the collection of such information is often incredibly costly. The blockchain technology can track the provenance of food and thus helps create trustworthy food supply chains and build trust between producers and consumers.
As a trusted way of storing data, it facilitates the use of data-driven technologies to make farming smarter. In addition, jointly used with smart contracts, it allows timely payments between stakeholders that can be triggered by data changes appearing in the blockchain This article examines the applications of blockchain technology in food supply chains, agricultural insurance, smart farming, transactions of agricultural products for both theoretical and practical perspectives.
We also discuss the challenges of recording transactions made by smallholder farmers and creating the ecosystem for utilizing the blockchain technology in the food and agriculture sector. The use of data and information becomes increasingly crucial for the agriculture sector to improve productivity and sustainability.
Information and Communication Technology ICT substantially increases the effectiveness and efficiency of collecting, storing, analyzing and using data in agriculture Walter et al.
It allows agricultural practitioners and farming communities to easily obtain update-to-date information and thus make better decisions in their daily farming Kaddu and Haumba, Information and Communication Technology does not avoid bias in the collection and use of data. Individuals operating ICT always are motivated to use data in a way that favors their own interest. An effective way of avoiding such bias is to make data manipulation difficult or even impossible by distributing the power of data management to a very large number of individuals.
A blockchain is a ledger in which agents take turns recording information on the process of generating, transacting and consuming a product or service. The ledger is collectively managed by all participating parties typically through a peer-to-peer network. A new record must be verified by the network before adding it to the blockchain. Any alteration to the recorded data should follow consensus decision-making protocol, meaning the majority of the parties involved should agree.
In addition, an alteration to one record will lead to the alteration of all its subsequent records. It is, therefore, almost impossible to change in data recorded in a blockchain in practice. Blockchain is a transformative ICT that have the potential to revolutionized how data is used for agriculture. The blockchain technology allows peer-to-peer transactions to take place transparently and without the need for an intermediary like a bank such as for cryptocurrencies or a middleman in the agriculture sector.
By eliminating the need for a central authority, the technology changes the way that trust is granted — instead of trusting an authority, trust is placed in cryptography and peer-to-peer architecture. It thus helps restore the trust between producers and consumers, which can reduce the transaction costs in the agri-food market.
The blockchain technology offers a reliable approach of tracing transactions between anonymous participants. Fraud and malfunctions can thus be detected quickly. Moreover, problems can be reported in real-time by incorporating smart contracts Haveson et al. This helps address the challenge of tracking products in the wide-reaching supply chain due to the complexity of the agri-food system.
The technology thus provides solutions to issues of food quality and safety, which are highly concerned by consumers, government, etc. The blockchain technology provides transparency among all involved parties and facilitates the collection of reliable data.
The reliable data of the farming process are highly valuable for developing data-driven facilities and insurance solutions for making farming smarter and less vulnerable. This article reviews applications of the blockchain technology in the agriculture and food sector. In this section, we discuss four classes of applications in agricultural and food sectors: agricultural insurance, smart farming, food supply chain, and transactions of agricultural products.
Weather extremes threaten agricultural production, putting food security at risk Lesk et al. Both, crop and livestock production are affected, and climate change is expected to further exacerbate weather extremes in the future Lobell et al. Agricultural insurance schemes are traditionally a well-recognized tool to manage weather related risks. Here, farmers pay an insurance premium before the cropping cycle begins and receive an insurance payout whenever they experience a loss on their farm.
Thus, the insurer bears all the insured risk and farmers are able to manage their financial exposure to weather extremes, i. In addition, in case of weather threats that systemically affect all the insured farmers, the insurer can further hedge the systemic part of the risk with a reinsurance company Miranda and Glauber, Agricultural insurances differ with respect to how losses are assessed and consequently how payouts are triggered.
Insurances that indemnify farmers based on a damage assessment that was made by an expert on the farm are denoted as indemnity-based insurances. Indemnity based insurances are able to precisely cover losses, however, they are prone to problems arising from asymmetric information problems Just et al. More specifically, information on the riskiness of the agricultural production and production practices is asymmetrically distributed between farmer and insurer.
Farmers are expected to be better informed about both which incentivizes adverse selection and moral hazard. The adverse selection indicates that farmers with a higher ex ante risk exposure are more likely to purchase insurance compared to farmers with lower risk.
Moral hazard indicates that farmers shift to more risky production practices when being insured. Both phenomena lead to market failure of the insurance scheme if the insurer has insufficient information on the two cases. Thus, indemnity-based insurances are prone to costly damage assessment and need to implement measures to avoid problems arising from asymmetric information, such as deductibles.
Moreover, productions that cannot be measured, e. Motivated by the drawbacks of indemnity-based insurances, the idea of index-based insurances was born either as an alternative or complement to the classical products Turvey, Here the payout is not triggered by the loss itself but by a measurable index, such as rainfall at a nearby weather station Barnett and Mahul, ; Barnett et al.
If this weather station has sufficiently long historical weather records, both parties, the farmer and the insurer, have identical information about the insured value and moreover, farming practices have no impact on the insurance payout. Hence, adverse selection and moral hazard play no role and the technical procedure to trigger a payout became substantially simplified.
Moreover, full insurance coverage without any deductibles is possible and payments can be made timely and automated just after an adverse weather event was measured. However, discrepancies between payout and on-farm loss can occur which is denoted as basis risk Woodard and Garcia, Three sources of basis risk can occur.
Spatial basis risk marks any differences between measured and on-farm weather, e. Temporal basis risk indicates that an unprecise time window was chosen for index determination, e. Design basis risk summarizes all remaining sources, e. Summarizing, index insurances are becoming an increasingly important risk management tool for farmers, while basis risk reduction is of central interest. Blockchain can contribute to improving index insurance in two dimensions. First, payments can be made timely and automated based on weather data that triggers the payout as defined in a smart contract.
Second, weather information and other data sources, such as plant growth information or data collected by farm machinery, can be automatically integrated via a smart oracle improving basis risk reduction and making the index determination and payout process more efficient Gatteschi et al. Smart contracts that integrate external data using smart oracles have already been proven useful in other crypto-economic applications Harz et al.
First prototypes for smart index insurance contracts are already in preparation or launched. For instance, Etherisc 1 , a Swiss-based company, provides decentralized crop insurance based on blockchain technology that provides payouts based on weather data in DIP as native currency DIP — Decentralized Insurance Protocol tokens.
Furthermore, WorldCover 2 , an insurance provider based in New York City who provides index insurance contracts to smallholder farmers in Ghana, simulated the application of an Ethereum blockchain-based smart contract. Payouts would hence be made in the cryptocurrency Ether. Another smart crop insurance provider is Arbol 3. At Arbol, a farmer can propose a contract that includes the premium payment, a payout and a weather event that triggers the payout. Afterward, an investor, serving as counterparty can agree to that proposed contract.
Initial and final payments are made in Ether Jha et al. Besides the above advantages of decentralized insurances that are based on smart contracts making automated payouts, the usability of cryptocurrency payouts to compensate farmers needs to be proven in the field.
Moreover, farmers, especially in the developing world, might not have access to the required infrastructure to participate in a decentralized blockchain-based insurance system. As a first solution, e. Underlying the agri-food systems is the essential data and information on the natural resources that support all forms of farming.
As shown in Figure 1 , data and information flow while products flow from inputs to output through various value-adding stages as well as financial flow from output to inputs. Different actors and stakeholders generate and manage data and information as per their needs and capacities. Smart agriculture is featured by the utilization of ICT, internet of things IoT , and various modern data collection and analysis technologies including unmanned aerial vehicles UAV , sensors and machine learning.
A key issue of establishing smart agriculture is developing a comprehensive security system that facilitates the use and management of data. Traditional ways manage data in a centralized fashion and are prone to inaccurate data, data distortion and misuse as well as cyber-attack.
For example, environmental monitoring data is generally managed by centralized government entities that have their own interest. They can manipulate the decision-making related to data. The blockchain technology serves to store data and information that various actors and stakeholders generate throughout the entire value-added process, from seed to sale, of producing an agricultural product.
It ensures that the data and information are transparent to the involved actors and stakeholders and all recorded data are immutable. A blockchain is a database that contains timestamped batches of transactions and activities related to a product. Storing data in servers centrally managed by administrators are more vulnerable to loss and distortion than distributing them to servers on the Internet.
The database is incredibly helpful for developing data-driven mobile applications that help optimize farming. Moreover, the blockchain addresses the challenge of creating a comprehensive secure infrastructure for IoT and integrating numerous technologies used in ICT e-agriculture. Many smart farming models are proposed and implemented based on the joint application of IoT and blockchain technology. For example, Patil et al. Lin et al.
The core of the framework is a platform that helps establish trust among actors using blockchain. Agents related to products from its plantation to sale can access the data stored in the blockchain through smart mobile phones. Many companies devote themselves to the blockchain application to smart agriculture. For example, the company Fliament provides devices for connecting physical objects and networks through smart farming technology. It developed penny-sized hardware that can handily be used with existing machines or devices through any connected USB port for securely transacting against a blockchain.
Blockchain is also used by farm organizations to make their farming practice smarter. For example, farmland irrigation associations in Taiwan use blockchain to archive the data collectively and better interact with the public Lin et al.
Over time, the longitudinal database created using blockchain can be used to inform decision-making on such as the construction and maintenance of irrigation canals.
Blockchain Technology for Agriculture: Applications and Rationale
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What is Blockchain Technology?
Cto academy reddit. Inspiration for this article arrived via feedback from one of our mentees, who is grappling with what can best be described as a volcanic chief executive'. Surendra har angett 9 jobb i sin profil. This new protocol design results in lower trading fees, lower capital Stratis Identity; Our Proof of Concept team has been working in creating our first proof of concept application — Stratis Identity. What You Receive. The move by the makers has taken the crypto space by a storm, taking a toll on savvies from the coin market. Whether you're into breaking news, sports, TV fan theories, or a never-ending stream of the internet's cutest animals, there's a community on Reddit for you. If you are a human, do not fill in this field. AF builds strong tribal relationships with time, compassion, willingness to … Millions of users globally rely on Atlassian products every day for improving software development, project management, collaboration, and code quality.
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Country mnemonic code. Encoding a random number in to words and using them to create a seed. We are looking for Content Writers years experience for our ed-tech startup based out of Gurgaon. But many a time, this tool is also used to covert BIP39 mnemonic phrases to public addresses and private keys.
15 Applications for Blockchain Technology
According to officials, the result certificates are kept in a distributed manner at different locations involving multiple stakeholders, protecting them against any attempt of tampering, under this technology. Blockchain technology ensures that academic documents are recorded in a secure and tamper proof manner. These documents can be accessed online in a trusted and verifiable manner. To begin with, the Central Board of Secondary Education CBSE has made available digitally signed certificates of class 10 and 12 for years and will gradually push the certificates of previous years in the coming months. This network is established with nodes at Bengaluru, Pune and Jaipur.
What is blockchain?
Adopt blockchain tech for e-governance: Meity report. AirAsia News. Adani Wilmar IPO. Nirmala Sitharaman. Cryptocurrency Price in India. NEW DELHI: Amid the debate over the fate of cryptocurrencies in the country, a government document has recommended the setting up of a national blockchain framework for using it in egovernance by adopting the emerging technology. It said that the potential of BCT may be explored in the proposed public digital platforms in various sectors like agriculture, health, energy and others for meeting enhanced security requirements. It said globally several countries have launched platforms and services using blockchain technology and many vendors are offering blockchain-as-a-service to customers.
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Disrupting Finance pp Cite as. It is claimed that blockchain technology has the potential to revolutionise how financial services firms conduct their business. This chapter presents the main characteristics of blockchain technology and summarises the extant research around the potential implications of blockchain adoption for four main financial activities: payments and remittance, credit and lending, trading and settlement, and compliance. Current gaps in the literature are discussed in order to identify avenues for future research. The financial services industry plays a key role for businesses and society since it enables saving and investment, provides protection from risks and supports the creation of new jobs and enterprises World Economic Forum ,
Issuing a statement, the CBSE said it has made available the digitally signed certificates of Class X and XII for years and will gradually push the certificates of previous years in the coming months. Check List of Websites to Download Score. The CBSE said the digitally signed certificates will be sent to the BlockChain based system creating an additional secure link. All users including students, educational institutions, employers can use the website. It must be noted that the BlockChain Technology can ensure that the academic documents are kept in a secure and tamper-proof manner and can be accessed online in a trusted and verifiable system. The CBSE further added that the digitally signed certificates will be sent to the BlockChain based system creating an additional secure link. This network is established with nodes at Bangalore, Pune and Jaipur.
December 15, Correct Answer is : C. It discards the need of any third-party or central authority for peer-to-peer transactions.
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