Three Things Farmers Can Do Today To Prep For Blockchain

“We’re right at the end of the hype cycle—and are about to enter the happening cycle,” says Elena Dumitrascu,
“We’re right at the end of the hype cycle—and are about to enter the happening cycle,” says Elena Dumitrascu,
(MGN online)

Blockchain could be minimized as just a buzzword, however, many developments point toward blockchain being important to farmers and others in the ag industry much sooner—and not later, such as this report from CoBank.

“We’re right at the end of the hype cycle—and are about to enter the happening cycle,” says Elena Dumitrascu, co-founder of TerraHub, a blockchain education, consulting and accelerator company. “When I think about how blockchain could be applied in agriculture, the first thing I think about is increased profit margins.”

She explains that as blockchain enables all entities to work on a shared digital ledger, it reduces waste in the process and has the potential to get the farmer paid sooner.

“For farmers, now is the time to wrap your business mind around the opportunity,” she says. “Understand from start to finish, what happens in your business, how do you grow the business, and how you get paid faster.”

Through a proprietary methodology created by TerraHub, Dumitrascu describes what actions farmers should take today to prepare for the arrival of blockchain.

  1. Evaluate your procurement process. This includes selecting vendors, technology tools used for purchasing supplies, and how you close those contracts. “Research what type of network marketplaces exist today to let me buy/sell anywhere in the world, whether I do or not, that’s not the point. Just know what you have access to,” she says.
  2. Know your operation’s entire cycle. “From order delivery, to how you produce your products, and then deliver those products, have eyes on the entire cycle,” she says.
  3. Assess your accounting process. “Confirm that you are getting paid for everything you’ve done, and that you’ve collected from everyone,” she says.

And as starting point in the process of adopting blockchain, Dumitrascu mentions that farmers can start as simple as a series of conversations.

“Reach out to your best customer, and reach out to your best vendor. Ask them if they can start working with you on a shared system, and you don’t have to call that a blockchain, but it starts the approach,” she says.



Latest News

How Important is U.S. Ag and Food to the Economy?

In celebration of National Ag Day and National Ag Week, the 2023 Feeding the Economy report shows just how vital the industry is to U.S. families, communities and the world.

Ferrie: Ready, Set, Whoops! A Fast Start To Fieldwork Could Cost You Big In Corn At V5

Caution can help you avoid creating compaction or density layers. Plus, if you're applying anhydrous now, allowing 14 days between the application and planting can prevent dead or damaged plants and costly yield dings.

Nebraska Farmland Values Jump 14% in 2023 — Up 30% in Two Years

This year marks the second-largest increase in the market value of agricultural land in Nebraska since 2014 and the highest non-inflation-adjusted statewide land value in the 45-year history of the survey. 

U.S. Milk Production and Cow Numbers Both Rise

The February 2023 USDA Milk Production report showed an 0.8% increase in year-over-year milk production with a total of 17.7 billion lbs. of milk. Also following suit, U.S. cow numbers also documented growth.

Crude Oil Prices Drop Below $70: What is the Outlook for Consumers at the Pump and Farmers Heading Into Spring Planting?

Oil prices are also off their highs of last year and gas and diesel prices are also sliding at the pump, but will that trend continue ahead of planting?   Energy experts are hoping the answer is yes.  

Can History Making $20 Billion in Inflation Reduction Act Get Rolled Out Quickly Enough?

Industry experts say the new legislative package represents a 'generational opportunity' for conservation funding and needs to reach U.S. farmers and livestock producers sooner rather than later, starting this spring.