• September 23, 2021
  • Admin

The Future Of Algorand

While Bitcoin and other cryptocurrencies have maintained their value as a medium of exchange, the underlying technology, Blockchain, has wreaked havoc on a variety of industries over the last decade, revolutionizing them to their core. The magnitude of Blockchain increases multi-folds in the financial world, especially with the advent of DeFi and stablecoins. While Fintech companies have already contributed to the global payment ecosystem by providing necessary innovative features, Blockchain is the missing piece that can provide even more benefits to the financial industry. With a better grasp of its capabilities, however, its overzealous nature in balancing the three essential characteristics of security, scalability, and decentralization has emerged as a serious flaw. That begs the question: can blockchain provide decentralization, scalability, and security all at the same time? Because these characteristics need to be present at the same time in order to truly revolutionize any industry.This loophole in the blockchain is called a Blockchain Trilemma where all the three fundamentals cannot be achieved without a trade-off. This is where Algorand challenges the status quo.

What is Algorand and How Does It Solve The Problem?

Algorand, dubbed the "future of finance," is an open-source, permissionless blockchain network designed to be a payment-focused network that anybody may build on. It has a two-tiered blockchain structure that it uses to speed up transactions and ensure that they are completed, along with utmost security. To put it another way, Algorand can presently process over 1000 transactions per second while completing them in less than 5 seconds. It addresses the Blockchain Trilemma problem by employing a unique type of Proof of Stake (PoS) consensus known as Pure Proof of Stake (PPoS), which relies on validators who are compensated to add new transactions to the network in exchange for commissions. This is accomplished by picking validator nodes at random to confirm transaction data, weighted by the relative size of their individual stake. The PPoS consensus algorithm does this by employing a two-phase block production process that includes proposing and voting. While the proposing phase assigns a block leader to propose the block using Algorand's verifiable random function (VRF), the voting phase ensures the block's verification by selecting a committee at random. Algorand's ecosystem is based on a simple logic that relates the network's overall security to the majority's honesty, making it difficult for minorities to influence the outcome. With that being said, Algorand is run by an award-winning team of blockchain enthusiasts who strive each day to reboot the financial systems of the world. And, unsurprisingly, Algorand is already at the forefront of developing and pioneering next-generation blockchain solutions for the financial future. However, before going into what Algorand's future contains, it's necessary to examine the company's history and goals, which are responsible for giving them a competitive advantage.

Algorand’s Recent History and Goals

Algorand went public in 2019 after its TestNet's success, raising more than $60 million from a global investment group. Meanwhile, its native token, Algo, was one of the first to be listed on Coinbase, paving the path for the network's Layer-1 technological concept to be implemented.Smart contracts, which were considered expensive holding barriers to scalability for real-world applications, were overcome by Algorands Smart Contracts listed in its Layer-1 protocol. These smart contracts allowed for the creation of new business models in a variety of industries because they provided not only faster, scalable, and cost-effective solutions, but also the ability to provide the same level of security as the consensus protocol itself. Algorand’s Layer-2, on the other hand, is reserved for the development of more complex smart contracts and dApp development. Fundamentally, the technological interventions of Algorand are centered on helping decentralized projects work along with the unexploited markets by building a borderless economy and providing an open-door platform to promote innovation from the end of user profiles. Considering Algorand's role in creating financial products and protocols, hundreds of companies, from fintech to startups, to DeFi, are already building on this network to enhance the long-term vision for the future of finance.

Algorands Use Cases

Quite recently Yieldly.Finance developed the world’s first borderless and interconnected DeFi platform on Algorand to reimagine how the value is exchanged on the chains. As an industry leader backed by long-term operators like LongHash Ventures and CMS Holdings, Yieldly is on a mission to empower the next billion crypto users with the ability to exchange value without the well-known security and gas limitations. As a result of Yieldly's link between DeFi and Algorand, its users can pool, swap, and stake Algorand Standard Assets (ASA). In addition, it encourages developers to use Algorand's high-performance and cost-efficient blockchain infrastructure to innovate ASA-based projects that will offer greater liquidity, faster development, and easier access to users. The Algorand network can be leveraged not only in the DeFi space, but also across other industries like supply chain, financial services, gaming, insurance, and agriculture. Algorand's recent partnerships with Circle, Meld Gold, PlanetWatch, SIAE, are only some of the examples where users are able to get the most out of the ecosystem without compromising on speed, scalability, or security.

Algorand’s Future

In terms of the future vision set by protocol, this is just the beginning. In the near future, DeFi solutions are expected to facilitate tens of millions of daily transactions without any significant transaction fees as the protocol grows rapidly and regularly updates its smart contract capabilities. Algorand intends to improve the block size from 5,000 to 25,000 without compromising decentralization or security. Additionally, the protocol aims to reduce the time it takes to add a new block to the chain from 4.5 seconds to 2.5 seconds while simultaneously utilizing block pipelining to boost TPS from 1,000 to 46,000.In essence, the long-term model laid by Algorand for 2030 and beyond will focus on the programs around community reward systems and decentralization of decision-making. As a matter of fact, Algorand doesn't mess around with just the fundamentals of blockchain. Algorand's growth and adoption rely heavily on sustainability, and partnerships such as PlanetWatch and ClimateTrade are stepping stones towards sustainable growth. Algorand's non-forkable advantage, which assures the block etched on the network remains there forever, should also be taken into account for the future of Algorand. Businesses and developers are always searching for ways to make digital payments more seamless, and Algorand has been at the forefront of this effort. Bluemi Pay, for example, is a non-custodial e-commerce crypto payment system that has incorporated Algorand's network. In fact, more than 200 nations have already benefited from its expansion, making it one of the fastest-growing platforms for customer payment choices. Authentium, on the other hand, is a step towards transforming global agricultural supply chains and in order to guarantee that the loopholes in blockchain fundamentals do not influence the aim of returning economic power to farmers, they have counted on Algorand's ecosystem. In order to give farmers a smooth financial mechanism, Authentium connects all stakeholders in the ecosystem with a trust-based system of links.

Final Words

Despite being relatively new in the blockchain space, Algorand has already proven to be a robust platform in terms of innovation, developer support, and real-world use cases. After launching two accelerator programs, Algorand is continuously assisting its community with end-to-end support for ongoing projects to help its ecosystem grow at maximum speed. The recent news of El Salvador choosing Algorand for its infrastructure is just the beginning of the world realizing Algorand’s benefits as a scalable, secure, and decentralized digital environment.

  • September 6, 2021
  • Admin

Agriculture supply chain

The transportation of agricultural products from production to the end consumer is known as the agriculture supply chain. At the distribution level, it is usually characterized by numerous tiny holders. In the agri-food business, these supply chains in agriculture encompass post-consumption and pre-production operations. Farm produce processing is included in several agri-food supply networks.

Agriculture supply chain management 

Supply chain management (SCM) in agribusiness refers to the coordination of interactions between enterprises responsible for the efficient production and distribution of products from the farm to the customer to fulfill consumers' needs in terms of quality, and price.

Multiple roles interact with diverse, possibly competing purposes, and there are numerous interconnections between material and information flows, making supply-chain activities fundamentally complicated across sectors. Fragmented incoming and outgoing networks complicate and are part of challenges in agriculture supply chain even further. The three phases of a typical agriculture supply chain are farmers to intermediate silos, silos to transformation facilities, and transformation plants to clients.

Agriculture supply chain software 

Advances in digital and analytics technology are allowing the agriculture supply chain to be optimized. More useful information is being gathered than ever before in the agriculture business on everything from agronomy to weather to logistics to market price volatility. Data storage capacity has expanded, storage costs have decreased, and computing power has increased. Predictive data science and prescriptive optimization approaches have grown in popularity in the meanwhile.

Creating a digital duplicate of the physical farmer supply chain—from farmers to end customers—and using it to perform virtual simulations and optimizations is one appealing method to leverage digital and analytics technology. All aspects of the supply chain and their interactions, including procurement, production, inventory points, transportation, warehousing, and points of sale for finished items, can be included in digital twins. Depending on the company's demands, players can adjust mathematical models to incorporate goal functions, such as profit, throughput, cycle time, or inventory optimization.

The digital twin's usefulness comes from its strong predictive ability. It explores all conceivable planning and scheduling combinations of variables, for example, lot sizes, while conducting multivariate function optimization under user-defined limitations using artificial intelligence algorithms. When unexpected events occur, the planning and scheduling optimizers can be repeated in real-time. Rush orders or demand adjustments, for example, can be promptly incorporated into a new timetable.

The digital twin also has high scalability, allowing it to provide early insights while adapting flexibly to user demands swiftly. Its agile strategy enables quick digitization, starting with a minimal viable product that meets 80% of user demands in two to three months and then upgrading as those needs evolve. In addition, short development cycles guarantee that solutions adapt fast.

Blockchain in agriculture 

Blockchain is a technology that is changing business and supply chain paradigms. Agriculture supply chain blockchain can revolutionize how information is transferred between participants in a chain by using distributed software design and sophisticated computation. In agriculture supply chain management, blockchain technology provides a platform for tackling the challenge of tracking product information.

Most people think of blockchain when they think about Bitcoin. However, the technique applies to a wide range of sectors. Blockchain technologies are decentralized cryptographic ledgers that anybody with the appropriate keys may access. They can't be edited or modified by anybody at the same time.

As a result, blockchains enable safe, transparent data storage that promotes trust. Some describe the value of blockchain as a "single source of truth" with no intermediaries. In the food business, this has several applications.

Blockchains can provide a shared standard for every participant in the supply chain to log and exchange data at each stage of the commodity's journey when combined with the Internet of Things (IoT) technology and data analytics.

The method may incentivize each stakeholder to give vital and correct data, lower inefficiency costs, increase revenues, and achieve government and consumer-driven sustainability and transparency goals.

People are eager to know where their food originates from to ascertain if it is good or bad. Agribusinesses are looking for supply chain management technology software to increase food safety and quality in the farming supply chain due to a desire to eat healthier mixed with extensive use of technology across all sectors.

As the human population grows, so makes consumer demand for digital services tailored to their specific requirements. To enhance the financial performance of farms and fulfill the need for food of a rising population, farmers and agribusinesses should explore using blockchain technology in agricultural and farm management software.

Agricultural technologies, such as precision farming, farmland mapping, IoT sensors, vertical farming systems, location intelligence, crop management software, and transportation technologies, enable agricultural businesses to achieve better food production and supply chain management results. Increased food consumption creates additional challenges, such as counterfeit goods, which threaten agriculture food supply chains at various levels. Farmers and consumers are at a disadvantage due to a lack of transparency and inefficiency.

Finally, blockchain farming and distributed ledger technology (DLT) can improve agricultural supply chain efficiency, transparency, and trust. By establishing trusting partnerships, blockchain for the agriculture supply chain can empower all market participants.

Challenges of implementing blockchain technology in agriculture 

Agriculture supply chain management is more complicated than other supply chains since agricultural productivity is influenced by unpredictable elements such as weather, pests, and diseases. Because of the absence of traceability in the agricultural supply chain, financial transactions are slower and physical labor is often required. Furthermore, counterfeits might surface at any point throughout the supply chain, posing a risk to all corporate stakeholders, governments, and consumers.

Potentially eliminate fraud and counterfeit in the supply chain

The agribusiness can prove how a product was handled with the tightest adherence to organic guidelines from the farm to the store using the blockchain-based supply chain. Consumers may check the organic origin of their items by scanning a QR code.

Furthermore, with a blockchain-enabled monitoring system in place, there are considerably fewer possibilities for fraudulent and counterfeit items to find their way into genuine retail establishments, where unwitting consumers may purchase them and suffer the repercussions.

Food Safety

The blockchain can help meet the urgent requirement for product traceability and agriculture supply chain companies transparency cost-effectively and dependably. A blockchain helps to eliminate duplicate procedures, guarantee quality control, and monitor storage conditions by capturing information about products at every level of the agricultural supply chain. Agricultural firms currently use smart IoT sensors to monitor crops, and using distributed ledger technology to record and validate all data would strengthen sensing technologies.

Traceability

Using traceability, companies can follow the environmental, economic, health, and social repercussions of agricultural production processes, allowing them to compute the "real cost of food." It can also assist in fulfilling rising consumer demand for transparency and increase producer revenue, market access, and capital access prospects.

Big companies that serve customers worldwide must maintain a close watch on the supply chain to guarantee that only the best items are available. Farm-to-shelf traceability is an essential component in determining the origin of a food ingredient, and it is viewed as a quality and food safety criterion by end-consumers. As an essential component in the Agri supply chain, procurement organizations may use cutting-edge digital technologies to track all of the processes involved in cultivating the agri-commodity and use this knowledge to improve the supply chain and gain confidence and loyalty end-consumers.

Agriculture finances

Blockchain may offer transparency to agricultural financial transactions, credit histories, and financial agreements for smallholders who wish to invest in farming. Smaller farmers will be able to pay for raw materials and machinery partially or after delivery with shared access and irrevocable agreements, ensuring fair market pricing.

Challenges in Farm Foods Supply Chain

  • High operating costs

The overall cost of operation in the fresh foods supply chain is relatively high due to some middlemen.

  • Perishable nature of farm foods

Fresh foods are perishable by nature, which is the largest problem in the agricultural food supply chain. Except for grains and legumes, which have a longer shelf life, the bulk of agricultural food, such as fresh fruits, vegetables, milk, and dairy products, is perishable.

As a result, maintaining the quality and freshness of the food from the moment, it is picked until it reaches the final client is critical. It also entails storing and delivering them at the proper temperature and humidity along the supply chain.

  • Last-mile bottlenecks

The supply chain for agricultural goods is extremely time-sensitive. The produce must get to the client in the best possible condition, with no quality issues. Transportation, particularly for perishable produce, is critical in the transfer of agricultural commodities to consumers. The quality and freshness of food are frequently hampered by a lack of adequate transportation infrastructures, such as cold storage or refrigerated vehicles.

In addition, inefficient dispatch and delivery planning results in underutilization of the delivery fleet and additional kilometers traveled. One of the most significant logistical problems in delivering agricultural goods is a lack of supply chain awareness.

  • Farmer to Consumer

The COVID-19 epidemic has only complicated things further. Farmers and poultry dealers have been forced to abandon traditional selling techniques and rethink business models to reach their consumers. In addition, guaranteeing cost efficiency and high-speed last-mile deliveries, with retail outlets, supermarkets, and fresh food markets closed for unknown periods.

Farmer-to-consumer selling is becoming more common in the farm foods supply chain, just as in other retail and consumer products industries. The farmer-to-consumer supply chain approach allows farmers to bypass intermediaries like processors, distributors, and retailers and sell their fresh products directly to customers.

  • Optimizing the Farmer-to-Consumer Direct Sales with Logistics Tech

While going direct to customers is a good method to save operational costs and eliminate intermediaries in farm food distribution, using AI and logistics technology can improve every leg of the supply chain.

Route planning and optimization software can aid in planning day-to-day dispatch activities from farms to client locations, automating manual planning procedures, and improving accuracy.

Route optimization also aids in the selection of the shortest, most optimum, and cost-effective routes for delivering farm goods to clients, lowering fuel costs and considerably increasing delivery efficiency.

Businesses may trace the flow of items through the supply chain from when they are packaged and sent until they arrive at the customer's doorstep using last-mile visibility technologies. Farmers may also provide clients with real-time status updates, fostering a feeling of trust and openness.

Although supply chain from farmer-to-consumer sales are on the rise, they are progressively influencing the future of the farm foods supply chain by shortening the time and distance between farm and fork and linking farmers directly with customers.

 

  • September 6, 2021
  • Admin

Food supply chain

The procedures that explain how food cultivated on a farm get at the dinner table are referred to as the food supply chain. It covers the production, administration, use, and disposal of food products.

A food stuffs are transported from producer to consumer throughout this project, and the money paid for the item is distributed to people who work at various levels of the chain.

To function, every aspect of this activity necessitates the use of artificial resources or raw materials. Because each stage of the supply chain impacts the others, it's critical to streamline the entire process to avoid high costs or inefficiencies.

The Importance of the Food Supply Chain

The objective of the grocery store and restaurant sectors is to obtain high-quality food at a cheap cost from the supplier so that they may still make a profit and give consumers competitive rates.

It improves consumer satisfaction, brand loyalty, supply chain efficiency, and everyone's happiness. To achieve these goals, the grocery and restaurant sectors must monitor each level of the supply chain.

When food is lost or wasted throughout any phase of the supply chain process, problems develop. Unfortunately, scientists estimate that about 30% of all food produced is thrown away. It has a detrimental influence on food security, the economy, and the environment.

Food loss and waste can reduce the amount of food available on the market, resulting in higher costs and less access to products for low-income people.

Furthermore, if food quality deteriorates to the point that food must be sold at a lesser price or thrown away, it can influence farmers' and producers' well-being and livelihood.

Food loss and waste may be reduced by using food management to coordinate and supervise all aspects of the food supply chain ecosystem. Food management entails overseeing the supply chain to guarantee that all goods offered are of good quality, taste, and safe.

The goal is to ensure that any items supplied to shops comply with the requirements set out by health authorities and government officials.

Food inspectors are in charge of preventing and detecting contamination, leading to food loss, increased costs, and food insecurity. All stages of the food supply chain in Australia may suffer if good food management practices are not implemented.

Food supply chain management 

Proper food supply chain management guarantees regulatory compliance and improves consumer food safety. Higher costs, worse quality goods, and even food illness are consequences of a poorly managed food supply chain tracking.

A company's reputation may be ruined if only one link in the supply chain breaks down.

Problems in the food supply chain 

As technology advances and consumer and government demand for safe and fresh food grow, the food supply chain evolves. Manufacturers, farmers, wholesalers, and grocers/restaurants have all faced new challenges due to these changes.

Increased visibility for everyone in the food supply chain solution may help with cooperation, information exchange, and fast adaption in the event of a disruption. The lack of visibility and information exchange, including:

Consumer Demand for Traceability

The desire of consumers to have insight into the supply chain process and food safety/nutrition information is known as traceability.

Companies who realize the significance of this new demand may profit financially by ensuring product traceability. Unfortunately, guaranteeing the highest food standards and traceability simultaneously comes at a higher expense for restaurants and supermarkets.

However, the return may be worthwhile since this section of food-conscious customers appears to be growing.

Fragmented Supply Chain

When there is a lack of good communication between supply chain actors, it is difficult for grocers/restaurants to give traceability to customers. Even the most basic things employ many people all over the world who have no idea what each other is doing.

To increase traceability and assure food safety, food supply chain approaches stakeholders should prioritize and solve the fragmented nature of the process. It would also allow manufacturers to grasp their products and accept full responsibility for them.

Increased Regulations

Regulations can safeguard food-chain employees and assure a fresh product of high quality, but they can also generate a slew of issues. As rules become more stringent, shipments may be delayed as inspectors take longer to complete their tasks and guarantee compliance.

Food Fraud

Unfortunately, many shady businesses produce counterfeit goods and utilize shipments as a cover to transmit illicit contraband. Though this is primarily a European issue, it has spread to other parts of the global supply chain.

Lack of Honesty

The globalization of food supply systems has gone high to dishonest supply chain players. Many various institutions throughout the world have more latitude to perpetrate fraud and conceal faults. Food illness, a destroyed reputation, or even death can all come from a lack of honesty.

Food and beverage supply chain 

The fast speed of technological advancement in today's world adds to the daily supply chain complexity that food and beverage firms must deal with, combined with global visibility and volatility.

It's useful to categorize firms by where they lie on the farm-to-table spectrum to provide relevant advice on making the greatest bets in new technology investments. This aids in the classification of some of the technological alternatives available to each sector.

A web strategy is a relevant tech area where all supply chain management in food and beverage organizations should invest, from farming operations to retail chains. It makes it easier to capture the customer's voice, create brand loyalty, and track consumer trends and viral themes, which might indicate sudden shifts in product demand, either up or down.

Multiple sides of the value chain are putting pressure on food and beverage producers. The continuous change in the industry's power balance from producers to retailers is perhaps the most significant pressure source. The ongoing consolidation of grocery and other retail channels is concentrating more and more market share and influence in fewer retail chains, giving them more ability to negotiate with their food and beverage suppliers on pricing, service, and supply chain technology conditions.

Food and beverage firms are vigorously vying for growth, market share, and profit while confronting this pressure from their retail customers. Companies are still vying for tiny gains in market share, typically at the expense of effective marketing and new product development costs.

It's no surprise. Therefore, food and beverage executives regard supply chain management as a critical business strategy for surviving in this tough climate. Supply chain initiatives may save firms tens or hundreds of millions of dollars and provide them a competitive edge. While sustainable food supply chain has several components, food and beverage executives are looking for considerable benefit from execution-based supply chain management.

Sustainable food supply chain 

As the population grows, the need for more food grows too, which necessitates a greater supply of high-quality raw materials for the food sector. However, there is worry on the supply side about how the sector will respond to rising demand in terms of quality and yield improvements, which are influenced by climate change, water scarcity, land use, and reduced returns for agricultural farmers.

Food supply chains are complicated because they involve several players at various levels, from those who produce and to those who add value to the product (processing) and those who sell to the next level (wholesale and retail). Complexities arise when there are many various crops and food kinds, each with its own separate and sometimes dispersed supply chain. Furthermore, customers are becoming increasingly concerned about where their food originates from. They are paying close attention to whether it is produced ethically from farm to fork, both in terms of social justice and food safety.

Food supply chains originating in or originating in developing nations are more complicated because they frequently involve smallholder farmers with less than two hectares, limited access to information and markets, and long travel distances. These difficulties need a high level of intermediation, which raises prices, jeopardizes quality, increases food losses and waste, and, as a result, lowers producer earnings, all of which have a direct influence on food supply.

Food firms are urged to engage in sustainable farming methods in their supply chains. It may help maintain a consistent food supply while also opening up new options such as brand enhancement and fulfilling new market demand. Many food corporations believe that affecting primary production, such as investing in improving farmer conditions and involvement, has the greatest influence.

Food supply chain management software 

Food distributors don't simply utilize one sort of back-office program; they employ a variety of them. As a result, the phrase "food distribution software" refers to a wide range of programs that help with anything from ingredient costs (for food distributors who also manufacture) to dynamic expiry date estimates based on data from sensors put in refrigerated vehicles.

The majority of software solutions for food distributors are classified as supply chain management (SCM) software. Food distributors can buy stand-alone apps for diverse supply chain needs or invest in an Enterprise Resource Planning (ERP) system that incorporates several SCM applications. 

Food distributors, in particular, should think about investing in a distribution ERP system. ERP providers have tailored their products to specific industry verticals, such as manufacturing and retail. Distribution ERP systems are stripped-down solutions that remove modules that distributors won't utilize while increasing flexibility in order management and warehouse management.

Furthermore, food distributors in sectors that deal with fresh and perishable goods should look at ERP systems that focus on food traceability or tracking inventory as it moves from one supply chain link to the next.

The food supply chain solutions ensure that your inventory can be monitored upstream, back to your own suppliers, and all the way down to the merchants' shelves. In the event of a recall, the FDA requires that you be able to track inventory one link up or down the chain, but end-to-end traceability may boost customer trust and aid with damage management in a disaster.

 

How Algorand’s approach to solving the Blockchain Trilemma adds value to Authentium’s vision of decentralizing the agriculture supply chain globally

 

28th August 2021 - Harman Puri

 

Back in 2019 when Authentium founder Phil Talbot and Algorand founder Silvio Micali met at a blockchain conference in Australia, little did they know that their individual visions would become one of the greatest synergies - revolutionizing the global agriculture supply chain.

While Algoran’s focus was to be a sustainable Blockchain platform that aspires to truly decentralize the world, Phil’s vision for Authentium focussed on the real financial pain of farmers by introducing innovative decentralization business models that will transform the agriculture industry.

However, Phil’s vision was facing the same barriers that have restricted the farming industry to leverage advanced technologies for years now, a sustainable, simple-to-use viable platform.

Even though Authentium knew the appropriateness of Blockchain, concerns such as providing a decentralized solution without sacrificing security or throughput were a major challenge. In essence, the agriculture supply chain requires a solution that is highly scalable to accommodate the high volume of interactions, highly decentralized to make it fair for all stakeholders, and highly secured to ensure that the network is not manipulated.

If we take a close look at the features of the Algorand Blockchain platform, Algorand becomes a natural fit for Authentium.

Phil Talbot (Left) and Silvio Micali (Right) - Sept 2019

What you see in this picture is a paradigm shift, that can impact our lives no matter what we do. For a farmer, it will introduce a fair ecosystem with more opportunities and financial freedom, for everyone else, it will ensure that there is always the right amount of food and the right quality of food on their tables.

Let us understand why Blockchain in the agriculture supply chain is such a hype and how Authentium and Algorand together achieve this revolution.

Need of Blockchain in Agriculture supply chain industry

Almost a third of all food produced in the world is wasted in the food supply chain. While underdeveloped countries face issues in delivering high-quality graded products, developed countries, such as the United States, are dominating the race in terms of food losses and waste.

Nevertheless, food losses and waste, climate change, and drought aren't the only issues preventing the agriculture supply chain and farmers from achieving the necessary justice.

When it comes to the sufferings of farmers, they mostly remain unreported due to widespread corruption among middlemen, as well as a lack of transparency and accountability. The COVID-19 pandemic has severely weakened global food supply chains, necessitating solutions to strengthen the resilience of global food supply chains through increased efficiency in produce production, consumption, and delivery.

In comes Blockchain Technology!

Startups from around the world, Fortune 500 organizations, and governments have all begun experimenting with this intriguing technology in their respective industries. Blockchain has proven to be the missing piece of the puzzle for these industries to taste the true power of digitalization and decentralization.

Specific to the supply chain industry, the usage of blockchain has greatly enhanced transparency and traceability while also lowering administrative expenses.

In terms of the potential benefits for agriculture, blockchain allows peer-to-peer transactions in the agriculture space to take place transparently and without the use of middlemen. Furthermore, blockchain promotes the acquisition of valuable data by enabling transparency among all involved parties and recording every step in the product's value chain as an entry in the immutable ledger.

The result? farming becomes smarter, enhanced, unbiased, global, and less vulnerable.

Authentium - Answer to the concerns in the farming industry

The world's first decentralized open-source community, Authentium, intends to transform agriculture by decentralizing the global food supply networks.

Developed on the Algorand Blockchain, it allows producers, consumers, and other entities involved in the farmed product lifecycle to construct their own digital ecosystem for smooth communication, transfers, and agreements. It not only gives farmers more visibility but also builds a trustless network that makes transitions seamless.

However, concerns have often been raised over Blockchain’s limitations, raising questions on its sustainability. After all, the farming space needs more than a momentary solution.

More specifically, the concept of Blockchain trilemma has a significant role to play as a barrier to Blockchain’s adoption in the agriculture supply chain industry.

It begins with the question, “Is it possible to have decentralization, scalability, and security all at the same time with blockchain?”

While blockchain is undoubtedly the technology of the century, every coin has two sides. Bitcoin, for example, has scalability issues and hefty transaction fees. Ethereum, on the other hand, jeopardizes decentralization by giving wealthy node operators more control over the network.

For the agriculture supply chain, Blockchain platforms like Ethereum become a temporary solution. For instance, due to the high gas fees and low transaction throughput on Ethereum, many applications are shifting to layer two solutions. However, what they fail to realize is that layer two has its own disadvantages such as lesser security or efficiency.

This creates a problem known as the "Blockchain Trilemma," in which the three primary goals of blockchain - security, scalability, and decentralization - can't all be met without surrendering one of them or maybe even two in many cases.

As previously stated, the objectives of Authentium could call into doubt the legitimacy of the blockchain principles and therefore, the blockchain trilemma dilemma into question.

However, this is where Authentium’s underlying technology comes into play!

While Algorand has a plethora of significant features, it is Algorand’s approach to Blockchain Trilemma that adds value to Authentium’s vision of decentralizing the agriculture supply chain globally. 

How does Algorand solve the problem of Blockchain Trilemma?

Both the PoW and PoS consensus mechanisms provide widespread solutions, but they each have their own set of issues. PoW consumes a tremendous amount of electricity and is not that scalable while PoS is not that decentralized and hence not secure.

Since entities in the digital space engage with each other at a rapid pace, scalability is one of the most critical criteria to meet in this fast-paced environment. The purpose of the blockchain, however, is to ensure that the process is not just rapid but also visible, verifiable, and shared.

Algorand addresses these issues by concentrating on the validators, who are tasked with adding new transactions in exchange for a commission.

This is accomplished by picking validators at random from a pool of token holders.

After a single token is chosen in phase one, the network's algorithm automatically selects the next group of nodes who are eligible to validate the block presented by the single token in phase one.

This is just the building block of the Pure Proof of Stake Algorithm, developed by Silvio Micali, which acts as the foundation of Algorand.

Despite the fact that token holders have the option to choose themselves at random, they cannot increase their chances of winning the opportunity to choose themselves at random, which is 50-50.

In simpler words, Algorand works on the principle where the security of the whole ecosystem is linked with the honestly of the majority in the ecosystem, making it impossible for the minority in the ecosystem to manipulate the network.

This is how Algorand is capable of preserving the three principles of Blockchain:

  • Decentralization

Since token holders are given the opportunity to choose themselves at random through a cryptographical lottery, each token holder will have an equal chance of earning a position on the block validation committee. Furthermore, the committee is not permanent and is changed on a regular basis. This additional randomization makes it even more decentralized.

  • Scalability

As it takes only one microsecond to run the lottery and nodes don’t need to wait for other nodes to finish doing something first, Algorand provides scalable blockchain solutions. Furthermore, the whole random selection and validation of transactions take just a few seconds.

  • Security

Only the lottery winners have access to information on the other committee members, and even if they are powerful adversaries, they will be unable to propagate the remainder of the network owing to time constraints.

Algorand’s Impact on Agriculture Supply Chain with Authentium

Farmers in traditional farming must wait 90 days or according to the seasons to collect their due payments. Furthermore, because there are so many intermediaries to validate the transactions, it causes even more delays not to mention the unjustified commissions.

Authentium will ensure that farmers not only receive their due value for their produce but also that payments are made on time. Cross-border payments and a seamless financial system will take on new life with the addition of Authentium's native coin. Creating a decentralized ecosystem inside Authentium and having their own coin can make the whole process even more streamlined.

Final Words

Farming is a living organism that evolves over time, not a static entity. While the decisions farmers must make on the farm are more complex than simply solving a technical problem, solutions to cooperative problems can help farmers grow together.

The basic objectives that Authentium is attempting to tackle are addressed in some of the ways that farmers have acquired over time to solve their difficulties.

Building trusting connections with all parties engaged in farm products, organizing vital financial records, and managing money to confront ups and downs, practices like these, along with the most promising technology, can do wonders for people who were once considered the economy's backbone.

How Authentium Plans To Revolutionize The Farming Industry

19th August 2021 - Harman Puri

Authentium revolutionizing the farming sector

Even though modernization and innovation have surpassed traditional methods of carrying out various activities, the agriculture business is rarely given the acknowledgment it deserves. As a result, this industry remains highly inefficient and the activities carried out remain highly mundane.

A farmer is often stranded deep in the water due to the presence of intricate farming ecosystems, in addition to climate change, droughts, inadequate prices, and storage facility concerns.

Consider this: Farmers in India, traditionally considered the backbone of the economy, are fighting the central government's new rules and have been protesting for over a year. While Indian farmers made considerable noise, the injustice to farmers is happening at a global scale where most of their struggles go unnoticed.

In addition to better financial facilities and cheaper inputs, farmers need a modern infrastructure that empowers them to eliminate intermediaries and succeed with the actual potential of digitization through a decentralized supply chain.

This is where Blockchain steps in to change the status quo.

A blockchain-powered ecosystem facilitates a reliable trustless network that efficiently transfers value over the digital medium.

While the farming industry has been focused on the transfer of goods, it is, in fact, the transfer of information and value that the farming industry is truly dependent on.

Authentium is here to deliver on the promise of the Internet to truly decentralize the supply chain and bring the long-awaited upgrade.

Authentium, the world's first decentralized open-source community, aims to rid the global food supply chain of the intricacies and monopoly that currently exists.

Simply put, Authentium is on the verge of revolutionizing the farming industry, and here is how it intends to do so!

Disintermediation through decentralization

A typical agriculture supply chain entails a complicated web of interconnected operations involving producers, banks, logistics, and consumers, and other related parties. However, since the produce travels between numerous entities, it goes through many authorities for authenticity, verification, planning, and more.

As a result, the supply chain becomes inefficient, slow, and unjust to farmers as their dependency or value diminishes with each step. It’s a simple mathematical thing, the more people taking share, the lesser the share for everyone. So the more intermediaries are there, the lesser profits the farmers get.

Authentium facilitates the creation of decentralized autonomous organizations that come together to create their own digital ecosystem, allowing more visibility to the farmers and reducing unnecessary dependencies.

A farmer and a supplier, for example, can locate one another on the Authentium ecosystem and build their own network within the main network to boost compatibility. As a result, even the small farmers will have improved market access without having to rely on intermediaries.

This is how powerful disintermediation can be.

Transparency and Traceability in Food Supply Chains

While globalization has caused food supply chains to become more intensive than ever before, challenges of transparency and traceability have exacerbated the impact on the farming ecosystem's stakeholders. In other words, it has become extremely difficult to manage supply and demand.

Authentium's use of blockchain technology emphasizes documenting and storage of every activity in its distributed ledger, allowing for more visibility and verifiability.

The Proof of Delivery system in Authentium also enables commodities to have a distinct presence in the digital environment depending on many attributes such as quantity, quality, pricing, and more. This distinct presence further ensures an efficient exchange of commodities.

This way, farmers will save both time and money because they will no longer have to rely on third parties to manage the delivery of farm produce. The ability to track in real-time reduces the risk of food fraud even further.

In addition to that, having real-time updates and the capability of tracking the goods, the supply chain can manage supply and demand in an unprecedented manner.

Imagine, if wheat in your area is in excess, it is automatically routed to the area that needs it so it doesn’t go to waste. Similarly, if the quantity of rice in your area is less, Blockchain-based data can be used to validate it and then direct the necessary produce your way. This further enables a better, more stable pricing model.

With Authentium, you don’t have to imagine this anymore.

By the way, How big is food fraud?

Well, according to Sydney Morning Herald, food fraud leads to a loss of over $49 billion every year to the global food industry. Therefore, the need for a Blockchain-based supply chain solution like Authentium becomes even more critical.

Logistics and Payments

With thousands or even millions on the line, whether it's a small or large farm operation, logistics and payments are other hurdles that have not been overcome due to the absence of a suitable alternative.

The primary challenge in logistics and payments is that multiple parties are required to validate and then authenticate the payment. Well, this is where disintermediation by Authentium adds further value.

Farmers will be able to use the Authentium network to ease delivery and ensure that their payments are received on time. Not days, weeks, or months, as soon as the produce is off from the farms, the payment is credited directly to the farmer’s accounts.

Unlike traditional farming procedures, which require farmers to wait 90 days or on a seasonal basis, this solution will allow farmers to earn throughout the year. As a result, the risks are reduced significantly.

To one of the very sensitive issues of farmers resolving to suicidal tendencies, Authentium empowers them to get their well-deserved value. Further, this system can allow farmers to make equal money on maybe 40% of their produce as compared to the current financials involved with their whole produce.

This is further enhanced with Authentium's native coin in place that creates a seamless financial ecosystem even with cross-border payments.

The Return of the Economic Power

While a farmer works tirelessly to develop superior crops, only an increase in their revenue may adequately compensate for the efforts and give them room to grow.

Farmers no longer have to sleep with a sliver of income and a mountain of debts because Authentium can help them reclaim their economic power.

Fair pricing would be achieved through streamlined logistics and low transaction costs with a highly secure decentralized network.

Combining all the aforementioned factors, Authentium ensures that the economic balance is maintained where farmers are once again recognized as the backbone of the economy rather than the intermediaries.

Authentium For Farmers

Authentium is a global open source community that aims to reclaim control of food supply chains restore it to the people who need it the most. It's a free, simple-to-use app that enables peer-to-peer transactions, value chain traceability, and eliminates reliance on intermediate services.

All of this is accomplished using a cryptographically generated QR code found on the Authentium app, with no need to re-engineer the existing traditional business process.

To make the most of their farming business using Authentium, all one needs is a smartphone and an Internet connection. With this, Authentium has the potential to dramatically increase farmers’ accessibility to modern services.

Conclusion

If the pandemic has taught us something, it’s that our lives are truly dependent not on air conditioners or cars or fancy clothes, but food. We should always remember the fear of not getting enough food on our table during the tough times and should appreciate the efforts done by the farming industry.

Authentium banks on the power of technology to transform the farming business by establishing a fair, transparent, and trustworthy environment.

While it's nothing short of a fairyland for farmers and consumers who can track and control every piece of data from seed to sale, it could be the missing component in reducing the challenges that farmers face, especially in developing and underdeveloped countries.

Authentium: The Dawn of a new Age

Recapturing the original intent of supply chain networks by implementing blockchain-governance

9 August 2021 - Harman Puri and Phil Talbot

On the surface, life today seems impossible without the Internet or several facilities we have but in the midst of all the comfort, we often overlook the value of the most basic necessity, food. 

Every activity that we do boils down to the simple fact of getting enough food on the table. 

While we focus on making our smartphones smarter, air conditions cooler, cars faster, and clothes fancier, the agriculture industry has been neglected for too long. 

Over the last few decades, notably since the advent of industrialization, the value of the agriculture industry has been forgotten. As a result, all key stakeholders involved in this ecosystem have been experiencing several difficulties.

The need for Digitalization

What if the main purpose of digitalization stayed intact? By bringing true digitalization to the agriculture industry, the world would have been a better place. If you are wondering how would digitalizing an agriculture supply chain make our lives better, let’s consider the following potential outcomes:

  • The ecosystem will be optimized allowing supply and demand to be more in sync
  • A transparent supply chain ecosystem would have fair prices for the consumers as the middlemen would be cut out. 
  • The producers or the farmers would get better rates for their produce
  • The quality of the products will be maintained which eventually leads to better health
  • More visibility will be achieved and the product would not go to waste which affects the market price and quality too
  • Consumers will have more confidence regarding the quality of the produce
  • Supply chain agents could experience faster, efficient, and reliable interactions

And, these are just the tip of the iceberg. In a nutshell, the agriculture supply chain needs to conform with the modern infrastructure in order to evolve. 
This evolution is what Authentium aims to achieve with its Blockchain-powered approach. 

Reimagining food supply chains with Authentium

With Authentium, the agriculture industry can experience the true powers of digitalization. 

At the very basic level, Authentium implements the concept of incentivization to eradicate the need for external authority. This approach allows Authentium to decentralize the agricultural ecosystem, empowering the producers, consumers, and other entities involved directly in the lifecycle of products. 

One of the most innovative and game-changing concepts introduced by Authentium is the formation of DASCO’s which are decentralized autonomous organizations formed when different entities come together to create their own digital ecosystem. 

In other words, if a farmer, supplier, and transporter find each other on the Authentium digital ecosystem, do some business together with greater compatibility, then they can form their own network inside the Authentium main network. This network will allow the concerned parties to operate seamlessly in terms of communication, transfers, agreements, and other business-related tasks. 

The most significant aspect here is the choice given to the supply chain agents in forming their own networks.        

By allowing greater visibility, farmers will have the option to choose a more trustworthy supplier, suppliers can choose cheaper transporters, and transporters can be a part of a supply chain network with their desired route. 

Furthermore, these DASCO’s can be formed dynamically which means that the creation of a supply chain network will take no more than a few minutes. If you are wondering about the establishment of trust or authenticity of the involved parties, that is where the underlying Blockchain platform plays its part. 

Authentium is built on Algorand Blockchain which offers several meaningful features but the most relevant one to this scenario is the public Blockchain ecosystem. Being public, anyone and everyone can be a part of the Algorand Blockchain and can interact with each other in a peer-to-peer fashion. This is the core component responsible for the decentralization of the network. 

Algorand is an open-source, decentralized blockchain network that leverages a two-tiered structure and a unique variation of the Proof-of-Stake (PoS) consensus mechanism to increase transaction speeds and achieve finality. 

To establish more credibility, Authentium implements its own KYC framework. Therefore, every entity onboarded on the Authentium-Algorand agriculture ecosystem will be authentic creating a trustless network. 

Features of the Authentium ecosystem

The main aim of Authentium is to transfer information along with the goods. 

Supply chains are usually thought of as a network of moving goods but are actually a network that transfers information too. Information like where the goods are, what is the quantity, what is the quality of the goods, where they will be delivered next, and so on. 

Authentium captures this information and stores it on the immutable ledger of Blockchain, creating a proof of origin and recording the current state of the goods. This is achieved with the following three components:

  • Proof of Delivery System

Proof of Delivery is a unique concept of digitally representing goods being transferred in the supply chain. It contains a unique set of characteristics such as the time of manufacturing, price, quantity, origin, type, among others. These characteristics allow the goods to have a distinct presence in the digital space enabling traceability, trackability, and authenticity. 

The second part of this component is a fair rating system. Every supply chain agent has to rate the previous agent they interact with, leaving a genuine review. This review adds to the quality of service provided by a certain agent. 

  • DASCOs

Introducing the concept of decentralized autonomous organizations to the world of the supply chain, Authentium implements the concept of decentralized autonomous supply chain organizations.

Based on the rating from POD, DASCOs can be formed between the most trustworthy supply chain agents, creating the best possible supply chain network which was not possible before due to the limited visibility and the monopoly in the market. 

  • Liquidity exchange

Adding unprecedented value to the DASCOs is the possibility of having a native coin for each network. 

The financial interactions between the supply chain agents of a particular decentralized organization will be supported through a digital cryptographic token. This token will eradicate the intricacies associated with cross-border digital payments such as delays, hefty fees, and being prone to fraud. 

When a DASCO reaches a certain level in terms of transactions and network, their coin or token can be listed on the liquidity exchange, similar to the concept of an IPO where an organization goes public. 

With such possibilities, the small supply chain agents having the skill and dedication will be able to compete with the large corporations, truly decentralizing the whole ecosystem.

Conclusion

A supply chain is more than just the transfer of goods. It is the establishment of a global system that includes a series of contracts, instructions, agreements, and the transfer of information. While the importance of the supply chain can not be stressed enough, the need for optimizing the current system is even more critical. Authentium introduces the powers of Blockchain to this system with the goal of creating a fair, transparent, and credible ecosystem. 

Authentium’s Algorand-based supply chain solution enables the use of modern tools and techniques such as smart contracts and NFTs to optimize the global supply chain network.