Prospects for the Use of Blockchain Technology in the Agricultural Sector of the Economy

Abstract

Recently, blockchain technology has been used in various sectors of the economy. Mainly, it is actively implemented in the financial sector of the state. But, now more and more we are talking about its use in the agro-industrial complex. Agriculture provides over 14% of Ukraine’s GDP, making it one of the most important industries in the world. The agricultural sector brings every third dollar that Ukraine receives. Since a huge number of jobs depend on the sustainable success of Ukraine’s agro-industrial complex, big stakes are placed on ensuring that agriculture remains a viable and competitive market for all. Negotiating changes in international trade policy and supporting affordable labor on the extent of potential border strengthening present two new challenges for agriculture in the future. However, older, more persistent threats to the agribusiness sector are also present, as they involve decisions about what technology should be used and when it is appropriate to invest in innovation.

Keywords

• agricultural sector
• agricultural products
• decentralization
• blockchain
• cryptography
• key
• hash