Blockchain Functionality: How Smart Contracts Can Save Small Farms

Abstract

Everyone has to eat. Food is nourishment required for human survival and small farms account for roughly 90 percent of all farms in the United States. However, these small farms are struggling because of larger industrial agricultural businesses dominating the industry. One of the main challenges hindering small farmers from staying in operation and expanding is the inability to adapt alongside new digital technology; blockchain-based smart contracts may help small farmers stay relevant. Blockchains are decentralized, distributed ledgers that constitute smart contracts when they are used to enforce the performance of transactions in legal agreements without involving third parties. Smart contracts can orchestrate the sale of goods, manage supply chain logistics, and control the passage of ownership in real property, giving small farmers an invaluable opportunity to catch up and stay on top in the dynamic agriculture industry. Without improved access to modern legal technology and corresponding education, small farms will continue to struggle until their demise. This Note contends that smart contracts equip small farmers with the tools necessary to save their livelihood.

Keywords: blockchain, technology, legal technology, smart contracts, small farms, agriculture, green law, agritech