Leveraging smart contracts for enhanced efficiency in the agro-industrial complex and agriculture

Ural State University of Economics, Yekaterinburg, Russia

^* Corresponding author: antonnazarov2807@mail.ru

Abstract

This article explores the potential application and impact of smart contracts on the agro-industrial complex and agriculture. Recognizing the significance of these sectors to global economies, the study investigates how the implementation of blockchain-based smart contracts can address existing challenges such as transaction inefficiencies, transparency issues, and disputes in contractual obligations. Utilizing a mixed-methods research design, data is collected from both primary and secondary sources and subsequently analyzed. Preliminary findings suggest that smart contracts can substantially enhance operational efficiency, transparency, and trust among stakeholders in the agro-industry. However, the adoption process poses its own challenges, including a steep learning curve and resistance to change. The study concludes by providing recommendations for effective smart contract implementation in the agro-industrial sector and suggesting areas for future research. The article contributes to the understanding of technology-driven solutions in the agriculture industry and can inform policy and decision-making processes.