Decentralized Distributed Ledger Based Marketplace for Trading Agricultural Goods

Abstract

Modern information and communication technologies (ICT) are reshaping the agriculture sector. As a result, the marketing domain is widened by facilitating online agricultural commodities trading. The settlement of transactions is under centralized management in the marketing of agricultural products. The trading platform can be decentralized using blockchain technology, which also increases transaction speed and the ability to verify the origin of the product. Agricultural marketing could benefit from using blockchain technology to eliminate centralized control, improve transparency, and reduce transaction costs. This paper proposes a decentralized trading system for agricultural commodities. The cost of the transaction has been computed at 36gwei, 30gwei, and 27gwei gas prices for smart contracts designed for exchanging agricultural products. The ERC721 standards are used for product representation, enabling asset tracking and ownership transfer.