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Could blockchain transform agricultural markets?

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    Could blockchain transform agricultural markets?

    Ok what the hell is BlockChain.

    No its not a new tow rope sold by Flamans.

    According to the Harvard Business Review, it is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”

    Clear as mud?

    Personally, I like the definition by ZDNet, which explains the link between blockchain and crypto-currency Bitcoin:

    Blockchain is an algorithm and distributed data structure for managing electronic cash without a central administrator among people who know nothing about one another. Originally designed for the crypto-currency Bitcoin, the blockchain architecture was driven by a radical rejection of at (government-guaranteed) money and bank-controlled payments. Blockchain is a special instance of Distributed Ledger Technologies (DLTs), almost all of which have emerged in Bitcoin’s wake.

    Many people are following Bitcoin very closely as it surges to record highs with extreme volatility. It’s like a new gold rush, but not everyone is sold on the crypto-currency. Blockchain, however, is definitely looked upon as a push forward in accountability and transparency.


    Since blockchain is a shared ledger of transactions, every new transaction is added to the chain. All of the existing shared data on the blockchain cannot be tampered with because the decentralized ledger is located on thousands of computers.

    DTN recently published an article by Elaine Kub on the opportunity that blockchain could provide agricultural markets in the in the future. Kub is of the opinion that blockchain could revolutionize the way grain transactions happen. As she notes, an Australian company has already conducted the first-ever blockchain trade for wheat.

    Others who understand better help me out. But maybe some day we don't need the middle man to take the profit. Similar with purchasing bags of Fert or Chemical.

    #2
    And what is wrong with, letters of credit, wire transfers and credit cards?

    Checks.... well we all know their pitfalls.
    Cash.... has it's limitations
    Gold nuggets and dust are a thing of the past.

    Comment


      #3
      A Bitcoin is a type of block chain.


      Etherium is already there. You can. Write contract conditions into the currency where it only has value once the contract is executed by both sides but neither wide can cancel it's worth




      Takes time to wrap your head around it... But it works well I'd you want to export product from... Say a country with export controls.


      Or hyper inflation.



      Block chain / crypto currency is a disruptive tech.

      Comment


        #4
        Yes BitCoin is a type of Blockchain. That I get.

        I get in Bitcoin the limited number of coins. 21,600000,000.00 i think.

        I get what the miners now do i think.

        Right now countries print currency i get that part. Central bankers control this is one way to get around that.

        Its new way but still trying to get head around.

        Comment


          #5
          Yes... Mining is solving the algorithms which encode transactions. You're then rewarded with bit coin.


          Trying more there are the harder you work to create more.



          Etherium takes that concept and meshes contractual systems into it... The currency exists but has no value until the contract is fulfilled.


          It's still mined...
          The big draw is it is untraceable and out of government control...

          Comment


            #6
            Originally posted by Klause View Post
            The big draw is it is untraceable and out of government control...
            So far...

            Comment


              #7
              so much happening in this tech its impossible to follow everything.\
              hard forks, soft forks.. whats its all mean?

              half a trillion in market capital as of yesterday. Thats 500 billion in cryto currency valuation.


              $500,000,000,000 USD

              https://coinmarketcap.com/

              The smart contracts that klause is referring to has just recently been made possible (in some ways) with the bitcoin platform through Rootstock and lightning networks whats that mean?


              Etherium is the platform that most of the alt coins have been created from and has a major programmer following. Some of these coins have some really cool functionality.( like being able to offer up your computers processing power for rent when your not using it )


              They actually think that crypto currency like bitcoin is about 75% trackable. The idea that its totally anonymous is not true. The block chain industry is working toward privacy and governments are working hard to keep on top of it.

              Call it bubble if you want but its more then that in many ways. Incredibly disruptive indeed. They call it internet 2.0 for a reason. It could reshape so many things in the next 10 years.

              https://www.prnewswire.com/news-releases/commodity-traders-energy-majors-and-banks-join-forces-to-create-a-blockchain-based-digital-platform-for-the-energy-commodity-trading-industry-655496533.html

              Insurance
              law
              healthcare
              food security
              Trade & Finance

              just some of the industries that could get a major overhaul

              eg.
              https://www.openbazaar.org/

              - some think this buy and sell marketplace could challenge Amazon with its decentralized platform, no fees, no middle man.

              Comment


                #8
                workboots - thanks for the interesting lesson - but it makes me fell like a horse n buggy driver dumped into a space shuttle...so much to learn.

                Comment


                  #9
                  Originally posted by burnt View Post
                  workboots - thanks for the interesting lesson - but it makes me fell like a horse n buggy driver dumped into a space shuttle...so much to learn.


                  Oh... and most people only see the "whitenet"... or the web that sites like this run on... There's a whole 'nother world out there... AKA darknet...

                  Bitcoin is interesting, but the the tech is advancing quickly...


                  Best and brightest hackers in the world don't work for governments... that's why tech is so hard for them to control (I.E. the millions of holes in the great firewall of China).

                  Comment


                    #10
                    While theoretically possible to trace... bitcoin is like a swiss number account with no bank behind it... rather a bunch of decentralized clearance houses.


                    Not easy to do at best and there's ways to erase the cypher's path...

                    Comment


                      #11
                      The cat and mouse game that governments and hacker’s play will live on no doubt. You speak of the dark web, reminds me of brain behind the silk road. He’s in jail for life now. The tor network that allows the dark web to function anonymously has also been compromised from the sounds of it. spy nodes, keystroke pattern recognition.

                      Comment


                        #12
                        holy shit my head hurts , to much info , lol

                        Comment


                          #13
                          Crazy stuff. So how does some hick from the sticks capitalize on this? Looking to diversify.

                          Comment


                            #14
                            Agrivillers can be miners in the off-months. I don't know how myself but it can be done.

                            Comment


                              #15
                              Originally posted by sumdumguy View Post
                              Agrivillers can be miners in the off-months. I don't know how myself but it can be done.
                              Reminds of the joke about the old tight ass farmer who doesn’t use any fertilizer being called a soil miner.

                              Comment

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