How does technology help in switching Commodity Trading

profile picture BookMyCrop Jun 02, 2022

We can't deny that we rely on our farmers for food. However, the food we eat is delivered to our tables by various commodity trading firms. The product reaches us after passing through the several tiers. After working all the hours that God provides, the hardworking farmers receive a modest amount. Farmers receive a little fraction of their determination because there are several merchants involved. If they do not sell their crops to merchants, their harvests would decay in the fields, they will make no money, and we, as a people, will not be able to consume good food.

Almost a third of all food produced in the world is lost in the supply chain. Food losses and waste amount to US$ 680 billion in developed countries and US$ 310 billion in poor ones. All of these losses are on the way as the global population approaches 9.1 billion by 2050. It is therefore critical to raise food production by up to 70%.

Supply networks are becoming increasingly complicated, posing issues in delivering safe, healthy food with minimal waste. The supply chain can be optimized to solve this problem.

With LIVE commodity trading, the supply chain can become more digital
When digital technology is combined with agricultural production, the above-mentioned issues can be seen as opportunities to improve farming methods intelligently with actionable knowledge.

How is AI changing the supply chain and expanding online agriculture?
Various AI-based apps are assisting farmers in detecting environmental impacts such as climate change and modifying harvesting decisions. The emergence of patterns that are evaluated and converted into useful information for farmers. Various agri-tech companies, on the other hand, are developing software that can predict storage conditions and make recommendations in the form of preventive actions. To reduce post-harvest losses and alleviate the labour shortage, machines and robots are being developed to assist with agricultural harvesting.

How does a blockchain-based supply chain minimise online trading fraud?
The blockchain-based supply chain is assisting agribusiness owners in demonstrating how a product is handled from the farmer's hand to the consumer while following to strict organic principles. The organic character of the crop can be exposed with the use of scanning.
Furthermore, a blockchain-enabled tracking system eliminates the possibility of fraud and counterfeit items.
Product traceability and supply chain transparency can be used to ensure food safety. Quality assurance and storage condition monitoring are ensured by recording information at every level of the agri-supply chain.
The true cost of food is now calculable, thanks to companies that have learned to track the health, social, economic and environmental effects of the manufacturing process using technology. Farmers income, access to additional funding and market access have all improved as a result of the traceability.
The Blockchain-based supply chain will be advantageous in delivering financial transactions transparency.

It's time to wrap things up
Looking at the farmers situation and assisting them in overcoming the challenges of increasing production demand with fewer resources while earning only small nuts, the challenges can be mitigated if every Indian farmer opts for online agriculture trading platform Agromalls for LIVE commodity trading. Agromalls equipped with technology will assist farmers in earning a profit for the lengthy hours they've put in.

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