Agro-Blockchain Markets (ABM): A secure and transparent model for smallholder farmers
1 University of Bradford, UK.
2 Department of Agricultural Economics, Ladoke Akintola University of Technology, Nigeria.
3 Towdah Farms, Nigeria.
Review Article
GSC Advanced Research and Reviews, 2024, 21(02), 015–024.
Article DOI: 10.30574/gscarr.2024.21.2.0405
Publication history:
Received on 18 September 2024; revised on 2274 October 2024; accepted on 29 October 2024
Abstract:
This paper introduces the concept of Agro-Blockchain Markets (ABM), a system that applies blockchain technology to agricultural trade to enhance transparency, fair pricing, and trust among stakeholders. By leveraging blockchain's decentralized, immutable, and transparent nature, ABM enables smallholder farmers to participate in secure and efficient markets, bypassing intermediaries and gaining improved market access. The paper discusses the design and functionality of ABM, highlighting key components such as smart contracts and decentralized exchanges. It also explores the potential benefits for smallholder farmers, including financial inclusion, price stability, and reduced fraud. However, challenges such as technology adoption barriers, infrastructure limitations, and costs are acknowledged. Recommendations for policymakers, agricultural stakeholders, and tech developers are provided, emphasizing the need for supportive regulations, partnerships, and user-friendly blockchain platforms to ensure the successful implementation of ABM. The paper concludes that ABM can significantly empower smallholder farmers and promote sustainable agricultural practices.
Keywords:
Agro-Blockchain Markets; Smallholder Farmers; Blockchain Technology; Agricultural Trade; Financial Inclusion; Smart Contracts
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
