Bangladesh’s economy draws its main strength from the agriculture sector. Rice is the staple food of the country, and is the most important crop in Bangladesh’s agricultural sector. However, this sector is facing numerous challenges. The main challenge is proper tracking of agricultural products and ensuring payment after delivery. As the whole transaction process of products and money currently depends on third parties, both buyers and sellers use agents for delivery and payment of food. Ultimately these agents add additional cost to the system. Blockchain is a technology that can provide a remarkable solution for product traceability in agriculture and food supply chains. In this paper, we have conceptualized a Smart contract-based agricultural system through which buyers and sellers can directly interact with each other. With leveraging the smart contract facility of blockchain, transactions among stakeholders can be recorded, and the need for intermediaries will be eliminated prevailing a central authority system. All transactions will be recorded in Blockchain’s immutable ledger which provides a high level of transparency and traceability to the supply chain. Furthermore, in this paper, we have provided data privacy protection solutions through cryptographic primitives and Markle trees that can avoid enterprise privacy and sensitive data leakage. We have also shown cost analysis and performance analysis. We made our smart contract codes publicly available on GitHub.