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.
Highlights
The market of agricultural products plays an important role in the welfare of the countries of the Eurasian Economic Community
The blockchain technology can help to develop a system of payments to customers, which will allow to optimize cash flow
The modern development of the world food market is defined by two main groups of factors: population growth, and as a consequence, the growth in agricultural production needs; concern for the environment, and a marked increase in demand for organic products with transparent and "fair" supply chain
Summary
The market of agricultural products plays an important role in the welfare of the countries of the Eurasian Economic Community. Transparent supply schemes, customs clearance and fair regulation of prices for Eurasian Economic Community always been acute. In agriculture blockchain can become a unique system, which is a source of information about the product status, resources and contracts - from small farmers to large multinational agribusiness corporations. Blockchain technology can radically change our understanding in three areas of the agricultural market: management, financing and building supply chains and mediation. Blockchain saves time in the value chain of agricultural products, providing a single source of data on production and minimizing the burden in collecting information. Blockchain itself without increasing income producers, but by providing a unique technological infrastructure, it leads to the fact that agriculture is more profitable in today's competition
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