Table 2.

Differences in farmers' financing behavior with and without blockchain application.

	Stage 1: Demand-based credit rationing			Stage 2: Supply-based credit rationing
	Applied blockchain	Not applying blockchain	Gap	Applied blockchain	Not applying blockchain	Gap
For the entire sample period	0.6882	0.7675	−0.0793	0.7802∗∗	0.8867	−0.1066∗∗∗
2019	0.6586	0.7304	−0.0715	0.7227	0.8715	−0.1488∗∗
2021	0.7718	0.8032	−0.0852	0.8322∗	0.8997	−0.0675∗

Note: ^∗∗∗, ^∗∗, and ^∗ denote significant at the 1%, 5%, and 10% significance levels, respectively.