Perspectives of Blockchain Technology in the Development of the Agricultural Sector

Agricultural production is a specific branch of economic activity, which is basic in the economy of the region and has a number of significant features that affect the efficiency of production sales. The objective of the study is to examine the prospects of using blockchain technology in the field of agriculture and development of rural territories, based on the analysis of scientific publications, as well as domestic and foreign cases.At the moment, the experience of using blockchain technology in agriculture is insignificant. The blockchain-based agricultural system can simplify every stage of creation and distribution of products. The use of blockchain technology is quite practical in specific sectors of agricultural activity. They are described in step-by-step instructions for using blockchain technology for farmers created by the Emercoin team. The main advantages of blockchain technology for the agricultural sector are the following: exchange of products without the mediation of a third party; safety and reliability of transactions; high quality data; work with qualified users; process integrity; transparency and permanence of the system; simplified accounting system; efficient transactions. The potential for the use of blockchain technology in the agricultural sector is very high and will enhance the development of not only agricultural producers themselves, but also rural areas.