Blockchain-Based Supply Chain Financing for Agribusiness SMEs in Developing Countries: A Tripartite Evolutionary Game among Platforms, Cooperatives, and Financial Institutions

Abstract

Small and medium enterprises in the agribusiness sector in developing countries face profound financing constraints, stemming from information asymmetry, weak credit profiles, and limited collateral assets. These structural barriers hinder smallholder cooperatives from accessing capital at the scale and speed required by modern agricultural production. Blockchain technology has created new opportunities to redesign supply chain financing architectures through real time data sharing, immutable transaction records, and programmable contract execution among multiple stakeholders. This study examines how blockchain based financing platforms can reshape the strategic behavior of three interdependent actors, namely digital platforms, agricultural cooperatives, and financial institutions. Using evolutionary game theory, the study develops a tripartite dynamic model that captures how each actor adjusts its financing strategy over time in response to changes in technological parameters, trust levels, and cost structures. The model incorporates the capacity of blockchain to reduce information asymmetry and enhance signal visibility, building on insights from Guo et al. (2025), Cao et al. (2022), as well as Yu et al. (2026). The simulation results reveal three evolutionarily stable equilibria, with full adoption emerging when implementation costs fall below a dual threshold determined by governance equity and the variability of seasonal financing demand. These findings provide both theoretical and practical guidance for policymakers, fintech innovators, and agricultural institutions in designing inclusive and transparent financing systems for agribusiness SMEs in developing countries.