Blockchain technology is getting a lot of attention but an ag economist with CoBank says “pump the brakes.” Will Secor tells Brownfield blockchain is exciting but there are issues with the transfer of information from the physical world to the digital world, “There can be mistakes, there can be outright fraud that is introduced within the blockchain and that can be difficult to take back out.”
The prevention of fraud within blockchain, Secor says, will have to be dealt with, “Trying to take that out takes sensors, takes RFID tags, takes a lot of infrastructure to make that step of translating what’s going on in the real world and putting it on the blockchain automatic.”
Secor says blockchain has a lot of advantages such as better ways to trace food and where it came from, reducing redundancies, moving paper contracts around, especially in international trade.
Continue reading CoBank: Blockchain’s exciting but pump the brakes at Brownfield Ag News.
