Agriculture is a vital area for the sustenance of mankind engulfing manufacturing, security, traceability, and sustainable resource management. With the resources receding expeditiously, it is of utmost significance to innovate techniques that help in the subsistence of agriculture. The growth of Internet of Things (IoT) and Blockchain technology as two rapidly emerging fields can ameliorate the state of food chain today. This paper provides a rigorous literature review to inspect the state-of-the-art development of the schemes that provide information security using blockchain technology. After identifying the core requirements in smart agriculture, a generalized blockchain-based security architecture has been proposed. A detailed cost analysis has been conducted on the studied schemes. A meticulous comparative analysis uncovered the drawbacks in existing research. Furthermore, detailed analysis of the literature has also revealed the security goals towards which the research has been directed and helped to identify new avenues for future research using artificial intelligence.