Blockchain, Quo Vadis? Recent Changes in Perspectives on the Application of Technology in Agribusiness

Abstract

Information technologies such as blockchain are developing fast, overcoming bottlenecks, and quickly taking advantage of their application. The present study analyzes recent changes concerning the benefits, disadvantages, challenges, and opportunities of blockchain applications in agribusiness. Interviews were conducted with and a questionnaire was applied to professionals working in the development and application of blockchain technology in agribusiness, to compare their perception of the recent advances. The results showed that the importance of blockchain technology to improve governance and information flow along supply chains has increased, and this is the main perceived benefit. The main disadvantages were removing intermediaries and the high cost of implementing the technology. The absence of a widely accepted platform in blockchain operations is the leading and growing challenge, while patterns for blockchain technology seem to be being overcome. The integration of blockchain with new technologies, and the competitiveness provided by the technology, are seen as the main and growing opportunities. Despite the study limitations, we conclude that the benefits and opportunities associated with blockchain application in agribusiness outweigh the challenges and disadvantages in number and importance, and are becoming more relevant.