Agriculture 4.0: Impact and Potential Challenges of Blockchain Technology in Agriculture and Its Management

Abstract

Information technology can be used to make the best use of things like water, fertilizer, and pesticides in agriculture. Farmers can make better decisions about how to use their resources, reduce waste, and have less of an effect on the environment by using sensor-based monitoring, data analysis, and precision farming techniques. Information technology can make the agricultural supply chain more open, so that consumers and other stakeholders can find out where agricultural products come from and how they are made. The authors looked at articles that had been published in journals before and gave up-to-date information about how blockchain technology could affect agriculture and how it is run. The authors did a descriptive narrative evaluation of how blockchain technology affects agricultural business. They looked at the challenges and benefits of blockchain technology in agriculture. The writing process took four months (between January 2023 and April 2023). We searched databases such as PubMed, Z-library, Publons, Medline, JSTOR, and Google Scholar and obtained original and review articles published in various journals, textbooks, and review papers. Conclusively, one of the primary challenges in agricultural business management is ensuring that farmers, especially those in remote or economically disadvantaged areas, have access to the necessary technology. This includes access to affordable hardware, software, and internet connectivity. Unequal access to technology can result in a digital divide, where some farmers are unable to take advantage of the benefits of information technology in agriculture. This review demonstrated that farmers and agribusinesses need to implement robust data privacy and security measures to protect their information from cyber threats and ensure compliance with relevant data protection regulations.