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BLOCKCHAIN - NEW TECHNOLOGY FOR VIETNAMESE AGRICULTURE

As of September 2019, Vietnam’s agricultural export turnover is estimated at $3.5 billion. However, for many years Vietnamese agricultural products have been facing the problem of “Good harvest, bad price”. To address this situation, diversifying export markets is a long-term and effective solution.

ECONOMIC BENEFITS WHEN DIVERSIFYING THE EXPORT MARKETS

INCREASE PRODUCT VALUE

INCREASE PRODUCT VALUE

By meeting the rigorous criteria of the new export market, Vietnamese agricultural products are sold in many countries at high prices, earning great profits.

REDUCE THE RELIANCE ON CHINA

REDUCE THE RELIANCE ON CHINA

Vietnamese agricultural products have more outputs, which means limiting export dependence on this country, reducing economy losses when China stops importing.

ENHANCE THE VIETNAMESE BRAND PRESTIGE

ENHANCE THE VIETNAMESE BRAND PRESTIGE

The fact that Vietnamese agricultural products are present in many fastidious markets: USA, Japan, EU, etc. are the most concrete evidence for the quality of Vietnam's agricultural products.

BENEFITS WHEN APPLYING BLOCKCHAIN IN AGRICULTURE EXPORT

Definition

Blockchain is a technology that stores and transmits information by blocks that are linked together and expand over time, so it is called the blockchain. Blockchain is designed against data change, so the information is highly transparent.

Information transparency

Applied to reality, the entire product history at all stages from planting, harvesting, transporting, distributing is stored on Blockchain platform. These information is encoded in a QR code printed on the product stamp, customers only need to scan the code to know the entire information about the “journey” of the product in a transparent and clear way.

Traceability of products

Blockchain also supports “tracking” when commodity products incur errors thanks to the traceability feature. Because the same stamp will not have the 2nd product, businesses will easily find out which error arises in order to have appropriate directions to handle, minimize losses on the recall and destruction of defective products as well as compensation for customers.

Thanks to the application of Blockchain technology, Vietnamese agricultural products have the opportunity to expand export markets and solve the difficult problem of “Good harvest, bad price”.