Blockchain Framework for Agro Financing of Farmers in South India

Namrata Marium Chacko, V. G. Narendra, Mamatha Balachandra, Shoibolina Kaushik

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

In India, small scale farmers face challenges acquiring crop loans and insurance. The government of India has many schemes for both. However, due to lapses in processing, these commercial bank loans are difficult to avail. Thus farmers approach Microfinance Institutions (MFI) or moneylenders, who charge high interest rates. To eliminate this difficulty, a novel blockchain based module is proposed in this paper, incorporating farmers’ credibility, verifying insurance claims, and assured guaranteed repayment of loans to investors. The inherent property of blockchain ensures trust and transparency. The proposed blockchain module has four participating entities, the farmer, investors, customers, and the government agent, governed by the smart contract rules. The concept of trusted oracles is used to gather weather data, and the smart contract decides the payout and the subsidized loan repayment. This module is implemented and tested in the Ethereum live test network. Performance evaluation shows that the proposed module has an average latency of 30 s and minimal fees.

Original languageEnglish
Title of host publicationEmerging Technologies in Computer Engineering
Subtitle of host publicationCognitive Computing and Intelligent IoT - 5th International Conference, ICETCE 2022, Revised Selected Papers
EditorsValentina E. Balas, G. R. Sinha, Basant Agarwal, Tarun Kumar Sharma, Pankaj Dadheech, Mehul Mahrishi
PublisherSpringer Science and Business Media Deutschland GmbH
Pages679-690
Number of pages12
ISBN (Print)9783031070112
DOIs
Publication statusPublished - 2022
Event5th International Conference on Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT, ICETCE 2022 - Virtual, Online
Duration: 04-02-202205-02-2022

Publication series

NameCommunications in Computer and Information Science
Volume1591 CCIS
ISSN (Print)1865-0929
ISSN (Electronic)1865-0937

Conference

Conference5th International Conference on Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT, ICETCE 2022
CityVirtual, Online
Period04-02-2205-02-22

All Science Journal Classification (ASJC) codes

  • General Computer Science
  • General Mathematics

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