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Blockchain Has Potential to Tackle Biggest Problems of Agribusiness: Report

  • Alex Morris
    πŸ“° News

    The food industry is still plagued by unsafe products and disruptions in supply chain, but Blockchain can easily fix that


Blockchain Has Potential to Tackle Biggest Problems of Agribusiness: Report
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The Dutch government has recently conducted a study that was aimed to determine the potential of implementing Blockchain industry, according to a Forbes report. The researchers conclude that Blockchain could increase consumer trust and even lower the cost of food products by cutting out an intermediary.

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The issues that have to be addressed

There is still a problem of consumer trust when it comes to food products. If you go to a grocery store to buy chicken, you basically have no idea about the origin of your evening meal. It might have come straight from a slaughterhouse in Shanghai with poor sanitary conditions. Your chicken might have also been raised on a US poultry farm (and later injected with steroids to increase its value).

Yes, hormones and steroids in poultry have been banned by the USDA since 1950, but there is always an ounce of uncertainty. There have been numerous food safety scandals in recent years (for example, undeclared horse meat was marketed as beef in Europe in 2013, which caused a huge uproar).

Blockchain poses a solution  

Cryptocurrencies remain the most popular use case of Blockchain, but there are numerous industries that start dipping their toes in this technology as well. As U.Today reported earlier, Blockchain is already being utilized as a solution for increasing voting transparency, eliminating fake diplomas and tackling delivery problems.

The aforementioned Dutch research states that there are multifold benefits of using Blockchain in agriculture. Consumers would know exactly the origin of their food at any point in the supply chain. The technology would lower the prices and increase the overall trust in the food suppliers, leaving fake labeling in the past. Lastly, Blockchain will significantly enhance the efficiency of the global supply chain.

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Cover image via u.today
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It Would Take Several Seconds to Hack Every Cryptocurrency in the Nearest Future


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Blockchain is commonly known as an immutable ledger that is impossible to hack, but there is always a looming threat of quantum computers. HCASH Chief Scientist Dr Joseph Liu, who claims that every single cryptocurrency can be hacked in a matter of seconds, has come up with his own coin that won’t be threatened by quantum hackers.

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The inevitable quantum takeover     

Quantum computers are generally considered to be the Achilles’ heel of Blockchain-based cryptocurrencies, including Bitcoin. IBM has already announced its first quantum computer with Google and Intel also working in that direction in 2019.


IOTA, which is powered by DAG dubbed β€˜Tangle’, is considered to be the only quantum-proof cryptocurrency on the market, but there could be yet another option – Hypercash that recently presented its post-quantum secure Ring CT protocol.    

β€˜If you want to use this computer to break the … normal security, it’ll take maybe 500 years to break the system. If you use a quantum computer, maybe several seconds. Hcash is trying to provide security, even in the existence of this future computer,’ – he claims during a recent interview.

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A precursor to Monero     

The aforementioned quantum-resistance cryptocurrency is based on Liu’s research paper about a β€˜linkable ring signature.’  Fun fact: that paper, which was published back in 2014, was used by the creators of Monero as the basis for the flagship privacy coin.

The Ring Confidential Transaction (RingCT) allows having an external verifier without exposing who that verifier is. Liu didn’t expect the coin to produce any significant impact, but now he is eager to improve the protocol of the billion dollar currency without getting any financial gains.

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High hopes for Blockchain

Despite his gloomy prediction about the quantum takeover, Liu is still certain that the future of Blockchain is bright. He is certain that there will be an increasing number of Blockchain-related jobs that will be coupled with growing academic interest in cryptography. There is will be many use cases of Blockchain technology in different spheres of our life.

Cover image via www.123rf.com
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