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Precision agriculture (PA) and smart farming represent transformative advancements in modern agriculture, utilizing advanced technologies and data-driven approaches to enhance productivity and sustainability. This paper explores the evolution of PA, from its origins in the 1980s to its current state, highlighting key technological components such as global positioning systems (GPS), geographic information systems (GIS), remote sensing, and the Internet of Things (IoT). The integration of these technologies has revolutionized farm management by optimizing resource use, increasing crop yields, and improving environmental sustainability. We discuss the historical development of PA, including significant milestones and technological advancements. The paper also examines the applications of PA in seeding, fertilization, pesticide application, and livestock management. Economic benefits include cost reductions and increased profitability, while environmental benefits encompass reduced greenhouse gas emissions, improved water quality, and enhanced soil health. Future trends indicate a growing role for artificial intelligence, machine learning, and blockchain in advancing agricultural practices. This comprehensive overview underscores the potential of PA and smart farming to address global food security and sustainability challenges.