India is one of the largest agriculture-based economies in the world. However, even after such a long-standing history with agriculture, many issues still plague the entire industry. We have also seen a record-breaking number of distressed farmers and suicides due to debts and other such issues. However, these debts and issues are only a manifestation of a broken system that preys on the ones at the end of the chain, which more often is farmers.
We propose a 3-pronged solution to the issues of the industry with Terra.
Insurance Claims
We know insurance claims take a lot of paperwork and know-how to get your rightful sum at the end of the day.
This is a problem for farmers, who are underpaid with respect to returns from their work and left without much help in tackling these bureaucratic tasks.
Solution: Using Blockchain technology and a decentralised system, we can automate the procedure of approval by using digital signatures, which are unique and non-reproducible due to the features of blockchain in general.
Supply Chain
Another major issue is that even if consumers buy agricultural produce at high prices, the farmers are still paid meagre amounts. This happens due to lapses that can look like various players in the supply chain hoarding supplies to raise demand artificially, without any accountability.
Solution: We plan to power the entire supply with blockchain. This will allow for proper tracking of the produce, followed by accountability at each stage of the supply chain as everyone can view where the product is being held up.
Latest Updates
Another issue with the agriculture industry is that the farmers are often not kept in the loop for various fluctuations of the market and otherwise.
Solution: We can solve this issue by setting up a notification system powered by blockchain to ensure legitimacy and relay information about the market, the selling price, the demand for various crops, and other such info to the farmers via a single platform.
We faced the following challenges while building this project:
We learnt the working and intricacies of blockchain, its advantages and disadvantages. In addition, we had to learn Solidity to go ahead with the deployment of smart contracts and use Blockchain to build our hack.
Integrating Solidity Smart Contracts and Meta Mask wallets with the rest of our project proved to be a challenge. Being new to Blockchain and smart contracts, in general, led to this being a relatively difficult and complex task for us.
Figuring out the Architecture of the Hack and the flow that we wanted to achieve, and implementing it using various technologies proved to be a challenge. Since we took up a relatively vast solution to a vastly complex problem statement, it was challenging to integrate multiple functionalities into a single platform.
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