Dr. Juan Luis Vidal, a researcher at the Universidad Internacional Iberoamericana (UNIB), is participating in a study that has developed a blockchain-based framework to address the challenges facing the wheat crop supply chain.
The wheat crop, which meets 35% of global food demand, faces challenges due to the lack of transparency, security, reliability and traceability in the current agricultural supply chain. Although various systems have been developed to address these issues, centralized control by monopolistic entities has hindered their implementation.
In response to the need for a transparent and reliable infrastructure in the agricultural industry, Dr. Vidal, collaborated in the development of a blockchain-based framework designed specifically for the wheat crop supply chain. The goal is to establish reliable and transparent services to improve the industry, and ensure the export of the products in question.
One of the revolutionary features of this framework is the introduction of a digital currency called Wheat Coin (WC), which acts as a means to record transactions between various players in the supply chain. This enables a comprehensive and accurate tracking system for wheat crops. To ensure transparent use of the WC, an initial coin offering (ICO) and virtual wallets are proposed to facilitate storage and access to these digital currencies. In addition, an economic model has been designed to provide a structured and regulated environment for WC trading. This innovative approach not only opens up new possibilities, but also fosters greater financial inclusion in the agricultural sector.
To address concerns related to transaction transparency, the research team implemented smart contracts in the framework. These automatically execute and enforce agreed terms between buyers and sellers in real time. Which allows stakeholders to track each transaction from inception to completion, and convert WC to fiat money and vice versa.
Recognizing the importance of security and data accessibility, the researchers integrated the Interplanetary File System (IPFS) into their framework. Using encryption technology, private data from farmers, businesses and traders are securely stored within the IPFS, improving data availability and transparency.
The research results showed that this proposed framework is much more efficient in terms of latency, transactions per minute, average gas cost and transaction verification time. The implementation of blockchain technology in the wheat crop supply chain marks a milestone in revolutionizing how wheat products are produced, distributed and consumed. This framework promises to transform the entire agricultural sector, allowing consumers to purchase reliable products, knowing that they have been carefully monitored and protected in the supply chain.
To learn more about this study, click here.
To read more research, consult the UNIB repository.
The Universidad Internacional Iberoamericana (UNIB) offers the Master in Strategic Management with a specialty in Information Technology. A program that prepares students to lead management positions in systems and ICT; lead organizational change projects using ICT or advise companies that want to innovate to keep up with new businesses.