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Decentralised Peer-to-Peer Crop Insurance

Published: 07 June 2021 Publication History

Abstract

Agriculture is the lifeline of Indian economy which contributes to 22% of the GDP, provides 58% employment, and sustains 69% of the population. However, agricultural production comes with various risk factors beyond human control. Farmers are highly exposed to risk and it is aggravated by the limited span of risk mitigation instruments such as insurance where there is a lack of participation from the private sector and the claim payout procedure is very lengthy, due to which the farmer cannot initiate new cropping activity or it is delayed. There is no proper and adequate provision of security for crops grown by Indian farmers and despite increasing vulnerability, they have not yet fully developed the capacity to mitigate risk effectively. There is a need to design innovative insurance products to balance the interests of the insurer as well as the insured. With the Prime Minister's call to be "self sufficient" or "aatmanirbhar", in this paper we present a decentralised peer-to-peer crop insurance framework which enables to overcome the current disadvantages by securing farmers' interests, eliminating intermediaries and providing a secure, standardized, and transparent system that does not hinder any information from stakeholders. Through blockchain technology, the system promotes trust in a trust less environment wherein the farmers and the private investors go into a contract. The investors pool their investments and provide cover for the farmers, thus help the nation become self sufficient and help the farmers prosper.

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Decentralised peer-to-peer crop insurance research overview

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cover image ACM Conferences
BSCI '21: Proceedings of the 3rd ACM International Symposium on Blockchain and Secure Critical Infrastructure
May 2021
117 pages
ISBN:9781450384001
DOI:10.1145/3457337
Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected]

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Publication History

Published: 07 June 2021

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Author Tags

  1. agriculture
  2. blockchain
  3. crop insurance
  4. decentralised
  5. farmer
  6. peer-to-peer
  7. smart contract

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ASIA CCS '21
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Overall Acceptance Rate 44 of 12 submissions, 367%

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Cited By

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  • (2024)Block Assure: A Revolutionary Decentralized Insurance System for Agricultural Modernization2024 10th International Conference on Advanced Computing and Communication Systems (ICACCS)10.1109/ICACCS60874.2024.10717248(2425-2429)Online publication date: 14-Mar-2024
  • (2023)Futuristic Adoption of Blockchain Technology in the Smart Agriculture and Food IndustryContemporary Developments in Agricultural Cyber-Physical Systems10.4018/978-1-6684-7879-0.ch007(122-148)Online publication date: 30-Jun-2023
  • (2023)Strata Fee Management in Condominiums via Smart ContractsJournal of Theoretical and Applied Electronic Commerce Research10.3390/jtaer1803005918:3(1157-1176)Online publication date: 4-Jul-2023
  • (2023)Novel Blockchain and Zero-Knowledge Proof Technology-Driven Car InsuranceElectronics10.3390/electronics1218386912:18(3869)Online publication date: 13-Sep-2023
  • (2023)FLAME: Trusted Fire Brigade Service and Insurance Claim System Using Blockchain for EnterprisesIEEE Transactions on Industrial Informatics10.1109/TII.2022.321217219:6(7517-7527)Online publication date: Jun-2023
  • (2023)Creating Traceability in Spice Production and Providing Crop Insurance to Farmers on Crop Failure using Blockchain: A Comprehensive Survey2023 International Conference on Advanced Computing Technologies and Applications (ICACTA)10.1109/ICACTA58201.2023.10393508(1-5)Online publication date: 6-Oct-2023
  • (2023)Blockchain-Based Approach for Crop Index Insurance in Agricultural Supply ChainIEEE Access10.1109/ACCESS.2023.332728611(118660-118675)Online publication date: 2023
  • (2023)Blockchain-based secure privacy-preserving vehicle accident and insurance registrationExpert Systems with Applications10.1016/j.eswa.2023.120651230(120651)Online publication date: Nov-2023
  • (2022)BEST—Blockchain-Enabled Secure and Trusted Public Emergency Services for Smart Cities EnvironmentSensors10.3390/s2215573322:15(5733)Online publication date: 31-Jul-2022
  • (2022)Analysis of demand forecasting of agriculture using machine learning algorithmEnvironment, Development and Sustainability10.1007/s10668-022-02783-926:1(1731-1747)Online publication date: 1-Dec-2022
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