Blockchain Technology as Efficiency Improvement Tool for the Agricultural Sector

Abstract

Blockchain technology is primarily associated with cryptocurrency, but the potential of this technology is enormous and can be a base not only in finance, but also in other sectors of the economy. This article discusses application prospects of blockchain technologies in agricultural production. Particular attention is paid to the possibility of the formation of new, more efficient business models at the farm level. Given seven possible areas of using blockchain technology in agricultural production, affecting both small farmers and international relations in the field of food security of the member countries of the Eurasian Economic Community. Also in this article the first successful examples of implementation experiences blockchain technology in agriculture are described.

Blockchain for agricultural sector: The case of South Africa

“…The Blockchain stores immutable records that are transparent and, potentially, accessible to any user. This technology has the potential to create huge efficiencies for each actor in the supply chain and can help to create more efficient business models at the agricultural and farm level (Bogomolov et al 2019).…”