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Economic perspectives of the Blockchain technology: Application of a SWOT analysis

TERRA ECONOMICUS, , Vol. 19 (no. 1),

Our paper focuses on the economic perspective of the Blockchain technology in economics and business in general and in agricultural business in particular. The field of the study is the European agri-food supply chain and related government politics (CAP, F2F, Green Deal) focused on the Czech Republic. Analysis of the agribusiness is conducted on an evaluating the existing data from the FADN CZ database and Eurostat database. Blockchain technology is evaluated through fundamental analysis of the context. Findings from this investigation were used in enhanced SWOT-analysis in the context of technological foresight. This method examines both the existing situation, external factors and forces, as well as possible changes in the future. Our results confirmed that Blockchain technology has big opportunities in agricultural business and agri-food supply chain in the digital economy. The group of issues that could be solved with Blockchain includes food traceability, support of new business models and direct sales models, rebalance the power in the food chain, etc. The key problem of the Czech agricultural business is inefficiency and low innovative activities. However, existing state support and positive trends show perspectives in this area. Although the Blockchain could bring benefits, there is a research gap related to financing the Blockchain implementation and cooperation between businesses and the authorities.
Citation: Firsova, N., Abrhám, J. (2021). Economic perspectives of the Blockchain technology: Application of a SWOT analysis. Terra Economicus 19(1): 78–90. DOI: 10.18522/2073-6606- 2021-19-1-78-90
Acknowledgment: The paper has been supported by the Internal Grant Agency (IGA) of Faculty of Economics and Management, Czech University of Life Sciences Prague, Grant No. 2020A0016 (The Potential of Blockchain Technology in the Czech Republic in the Context of European Agricultural and Food Policies).

Keywords: Blockchain technology; agriculture; agri-food supply chain; digital economy; SWOT-analysis

JEL codes: Q1, O13, O32, G38

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606