Blockchain Framework for Agro Financing of Farmers in South India

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

doi:10.1007/978-3-031-07012-9_56

Blockchain Framework for Agro Financing of Farmers in South India

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

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Conference 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 language	English
Title of host publication	Emerging Technologies in Computer Engineering
Subtitle of host publication	Cognitive Computing and Intelligent IoT - 5th International Conference, ICETCE 2022, Revised Selected Papers
Editors	Valentina E. Balas, G. R. Sinha, Basant Agarwal, Tarun Kumar Sharma, Pankaj Dadheech, Mehul Mahrishi
Publisher	Springer Science and Business Media Deutschland GmbH
Pages	679-690
Number of pages	12
ISBN (Print)	9783031070112
DOIs	https://doi.org/10.1007/978-3-031-07012-9_56
Publication status	Published - 2022
Event	5th International Conference on Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT, ICETCE 2022 - Virtual, Online Duration: 04-02-2022 → 05-02-2022

Publication series

Name	Communications in Computer and Information Science
Volume	1591 CCIS
ISSN (Print)	1865-0929
ISSN (Electronic)	1865-0937

Conference

Conference	5th International Conference on Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT, ICETCE 2022
City	Virtual, Online
Period	04-02-22 → 05-02-22

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 1 No Poverty
SDG 5 Gender Equality
SDG 8 Decent Work and Economic Growth

All Science Journal Classification (ASJC) codes

General Computer Science
General Mathematics

Access to Document

10.1007/978-3-031-07012-9_56

Cite this

Chacko, N. M., Narendra, V. G., Balachandra, M., & Kaushik, S. (2022). Blockchain Framework for Agro Financing of Farmers in South India. In V. E. Balas, G. R. Sinha, B. Agarwal, T. K. Sharma, P. Dadheech, & M. Mahrishi (Eds.), Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT - 5th International Conference, ICETCE 2022, Revised Selected Papers (pp. 679-690). (Communications in Computer and Information Science; Vol. 1591 CCIS). Springer Science and Business Media Deutschland GmbH. https://doi.org/10.1007/978-3-031-07012-9_56

Chacko, Namrata Marium ; Narendra, V. G. ; Balachandra, Mamatha et al. / Blockchain Framework for Agro Financing of Farmers in South India. Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT - 5th International Conference, ICETCE 2022, Revised Selected Papers. editor / Valentina E. Balas ; G. R. Sinha ; Basant Agarwal ; Tarun Kumar Sharma ; Pankaj Dadheech ; Mehul Mahrishi. Springer Science and Business Media Deutschland GmbH, 2022. pp. 679-690 (Communications in Computer and Information Science).

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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{\textquoteright} 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.",

author = "Chacko, \{Namrata Marium\} and Narendra, \{V. G.\} and Mamatha Balachandra and Shoibolina Kaushik",

note = "Publisher Copyright: {\textcopyright} 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.; 5th International Conference on Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT, ICETCE 2022 ; Conference date: 04-02-2022 Through 05-02-2022",

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Chacko, NM , Narendra, VG , Balachandra, M & Kaushik, S 2022, Blockchain Framework for Agro Financing of Farmers in South India. in VE Balas, GR Sinha, B Agarwal, TK Sharma, P Dadheech & M Mahrishi (eds), Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT - 5th International Conference, ICETCE 2022, Revised Selected Papers. Communications in Computer and Information Science, vol. 1591 CCIS, Springer Science and Business Media Deutschland GmbH, pp. 679-690, 5th International Conference on Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT, ICETCE 2022, Virtual, Online, 04-02-22. https://doi.org/10.1007/978-3-031-07012-9_56

Blockchain Framework for Agro Financing of Farmers in South India. / Chacko, Namrata Marium ; Narendra, V. G.; Balachandra, Mamatha et al.
Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT - 5th International Conference, ICETCE 2022, Revised Selected Papers. ed. / Valentina E. Balas; G. R. Sinha; Basant Agarwal; Tarun Kumar Sharma; Pankaj Dadheech; Mehul Mahrishi. Springer Science and Business Media Deutschland GmbH, 2022. p. 679-690 (Communications in Computer and Information Science; Vol. 1591 CCIS).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

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AU - Narendra, V. G.

AU - Balachandra, Mamatha

AU - Kaushik, Shoibolina

PY - 2022

Y1 - 2022

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SN - 9783031070112

T3 - Communications in Computer and Information Science

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Chacko NM , Narendra VG , Balachandra M, Kaushik S. Blockchain Framework for Agro Financing of Farmers in South India. In Balas VE, Sinha GR, Agarwal B, Sharma TK, Dadheech P, Mahrishi M, editors, Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT - 5th International Conference, ICETCE 2022, Revised Selected Papers. Springer Science and Business Media Deutschland GmbH. 2022. p. 679-690. (Communications in Computer and Information Science). doi: 10.1007/978-3-031-07012-9_56