Integration of Blockchain Technology in Indian Agricultural Supply Chain and Economy

Abstract

India has been ambivalent with its approach towards the adoption of the blockchain technology, following the Budget of 2022. However, there are various areas where the Blockchain technology could be applied in India which can make the processes across different sectors efficient. Furthermore, this paper specifically focuses on the integration of Blockchain Technology in the agricultural supply chain system of India. There are various challenges such as the inefficient mandi system, exploitative middlemen and unorganized distribution. The paper seeks to address the problem and propose the solution for the same with the help of Blockchain technology. Firstly, the various aspects of the technology are described including history, working, characteristics, SWOT analysis and general applications. Secondly, the various organizational and departmental efforts undertaken by the government of India, to integrate the blockchain technology into the system, have been discussed. Further, an overall overview on the Indian Agricultural Supply Chain is analyzed, wherein the structure and the drawbacks of the existing supply chain in India is elaborated. In the last section, a blockchain based solution has been proposed to solve the problem of supply chain. Therefore, a strategic solution to an evident problem has been conveyed through this research thus it poses a practical significance.