In 2014, the National Crime Records Bureau of India reported 5,650 farmer suicides. Various reasons have been offered to explain why farmers commit suicide in India, including floods, drought, debt, use of genetically modified seed. We can solve their money problems by giving them an easy way to ensure their hard grown crop with easy claim procedure of insurance.
What it does
A Peer to Peer Crop Insurance Dapp built on the Ethereum Platform. It gives a platform to farmers to buy crop insurance without a middleman. There is also a marketplace for farmers where they can sell their goods for a Digital Token that we created called "seedlings". These digital tokens also work on Ethereum network. Currently, 1 seedling is priced at 0.1 Ether.
The key difference with other insurance models is that the customer does not hand over a premium. Instead, once a “premium” has been set by the farmer, the EMI is send automatically sent to the investor's account using a smart contract. On the other hand, the insurance amount is kept in the escrow account which is the smart contract itself. The insurance is claimed by using data mining techniques from various sources like twitter news and weather forecasts and analysing them using heuristic functions. If the claim is valid then the money is transferred to the farmers account from the escrow account automatically.
If no claims are made, then everyone in the group still has their money in their digital wallet after the term of insurance is over.
The investor dashboard shows top funding opportunities where they can earn maximum profits. This uses analysis of previous year data of agriculture yield and production which has been collected from mygov.in.
How we built it
It is build using React, Truffle, Python, Ethereum, Solidity, Web3js and Semantic UI.
Challenges we ran into
Less availability of data on government sites. No proper agriculture APIS. Didn't know about Truffle or Web3, we read many blogs and docs and completed this project within 30 hours.
Accomplishments that we're proud of
Now farmers won't commit suicide running behind insurance companies for their insurance claims.
What we learned
Learned Web3js, solidity and blockchain implementation.
What's next for BNM Insurance - P2P Distributed Insurance for farmers.
Currently, it works in Ethereum testRPC. Next steps will be to deploy it on real Ethereum blockchain. We can also make IVR for farmers where the can manage their digital wallets for their convenience. In future, we can extend this insurance service to other categories like loans and mutual funds.