3 questions producers should ask when mulling blockchain

As consumer demands for transparency in the food system have increased, so has the use of blockchain technologies.

Roy Graber Headshot
(LuckyStep48 | Bigstock)
(LuckyStep48 | Bigstock)

As consumer demands for transparency in the food system have increased, so has the use of blockchain technologies.

But when producers are approached about adopting blockchain, there are certain things they should know when making the leap, Raja Ramachandran, co-founder of blockchain company ripe.io, said during the recent webinar, “Blockchain of Food – Real Life Applications,” hosted by the National Institute for Animal Agriculture.

Ramachandran said there are three basic questions that should be asked when considering joining the blockchain movement.

1. Who are the participants and what are we trying to achieve?

Ramachandran said that might seem like a very simple question, but you can get a “pretty complicated answer sometimes.”

If there are multiple players involved, it is good to know what you are joining and why, he said.

2. Will the time investment be worth it?

You need to ask how much time you will need to invest to make the transition to blockchain, and you need to know if the outcomes will actually be helpful, Ramachandran suggested

“Is there any economic lift, or does it actually help me do what I do better,” he asked.

Ramachandran also noted that producers should keep in mind how blockchain technologies will help operations during “non-standard times like COVID-19 or floods.” It is important to find out if blockchain will help you better “during stressed times, or when anomalies occur,” Ramachandran said.

It is also important to ask if how many resources will you need to allocate, and if you have those resources.

3. What will you need to do to prepare?

Once you find out whether or not adopting blockchain technologies is worth it, you need to find out what you need to do to prepare for the changes.

“Everyone has to make changes to their procedures,” said Ramachandran. “This is not a plug in play. It can be quite large, or just a tweak here and there.”

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