Blockchain technology offers novel ways to enhance transparency, efficiency, and trust in agricultural supply chains. However, it also presents significant ethical challenges, including data privacy risks, the exclusion of smallholder farmers through inadequate digital infrastructure, and potential conflicts between energy-intensive blockchain consensus mechanisms and sustainable agricultural goals. Case studies from around the world demonstrate both the potential for positive transformation, such as fairer pricing, verifiable traceability, and farmer empowerment; and the pitfalls, notably power imbalances that favour large corporations. Recognising these concerns, international organisations and scholars propose ethical frameworks that emphasise inclusive design, privacy-by-design, decentralised governance, and inclusive access. Properly embedding these principles is vital to ensure blockchain fosters equitable growth and responsible innovation in agriculture.