Vol. 12, Issue 6 (2023)

Author(s):
Nandhini S, Sivakumar SD, Venkatesa Palanichamy N, Anandhi V, Balasubramanian P and Vasanthi R

Abstract:
Blockchain, an innovative technology will bring a digital revolution in agribusiness by enabling transparency and traceability. Many firms have expressed inability to adopt this technology and its potential is unexploited. Therefore the study aims to identify the barriers for adoption of blockchain technology in agribusiness and also examines the interrelationship among the identified barriers. This can bring significant changes in agribusiness firms for successful and faster adoption of the blockchain technology. The study uses Interpretive Structural Modeling to develop a structural model for identified barriers. The results revealed that inadequate knowledge and expertise, huge initial investment and lack of government regulations, poor market facilities for traceable produce followed by lack of consumer demand for traceable produce were the major influential barriers hindering blockchain technology adoption. In addition, it provided managerial insights about how to overcome the challenges to increase the adoption rate in the agricultural supply chain. This will be helpful for the government, policymakers and businesses to make strategies to establish a blockchain based traceability system in the agricultural supply chain.