Agricultural Crowdfunding Through Blockchain

Abstract

Farmers are the backbone of India’s economy but every year there is an increase in the number of suicides in the agriculture sector. The main reason behind their suicides is the financial problems like debt, loan repayment, no security for the loan and the crowdfunding scams and frauds. In the financial sector of agriculture, there are many actors/participants involved and their transactions have to be managed. Blockchain-based agricultural crowdfunding will eradicate all the middlemen and connect the consumer to the farmer directly. Blockchain technology creates a platform between all the participants and provides a shared ledger/database to deliver an immutable and unique version of the truth among all the actors/participants in the network who don’t trust each other. Blockchain-based crowdfunding in agriculture creates a market for community members where they can financially back agriculture operations in exchange for groceries and establish a peer to peer network, with donations directly and uninterruptedly going to farmers.