Inspiration

We found a number of farmers stressed out due to owing to debts and low farm yields. Dependence on land for building houses and manufacturing regions is rising quickly in a nation like Indonesia, with a growing population. The productive land used for cultivation declines and more returns needs to be generated to fulfill the country's needs. The farm commodity from farmer to market is monitored through an agricultural supply chain. Farmers are highly dependent on bank loans in developed countries. Because of the high debt, agricultural production can not be sustained steadily. These farmers may be supported by micro-financing through debt.

What it does

Credible is the open marketplace built on the blockchain, where farmers and customers can submit a cooperative system of farming. Here the farmers may mention on the distributed public ledger the possible crops and planned yields on their farm. Consumers may display information on the basis of prior farming and supply and verify the integrity of the farmer. This provides a digital trading forum for agricultural goods that is open and tamper-resistant. Thus an arrangement (consensus) between farmers and consumers should be created to enable the buyer to finance individual crops or fields and to receive the yield from the farm or the share of the benefit on its market value. Based on the previous experience in the agricultural sector, there will be ranking mechanisms to develop the reputation of farmers and consumers.

How I built it

Backend with Nodejs & Ganache with web3 injection as well as metamask use it

Challenges I ran into

Simplify the UI to get easy understandable and also blockchain part was though

Accomplishments that I'm proud of

  1. The farmer does not hesitate until the initial expenditure boosts bank loans or other financing channels. Consumers may offer zero interest to the fund.

  2. Consumers will get premium goods at a less costly rate as the crops/fields are funded right after rising.

  3. There is no need for immense farms. Both small-scale farmers and domestic farmers will market and earn well.

  4. An successful supply chain may be ensured by updating the immutable chains point to point. Individual farmers with specific goods may be preferred by consumers.

  5. Depending on the nature of the commodity and the form of agriculture, farmers may create customer loyalty, while giving them better income.

  6. Also buyers with a low-income community will finance the crops according to their requirements and prevent increases in product costs in the sector.

  7. A regular quality audit may be performed by the authorities concerned with organic farming and quality assessment. It guarantees accountability and decreases the probability of fraud.

  8. Smart contracts can allow for a better understanding between farmers and consumers if there is a difference in natural disasters, climate change, or other crop loss situations

    What I learned

    Credible establishes a decentralized agricultural market in which farmers and the consumers in their hand can conveniently obtain funds for their output. The buyers, by way of early investments on seeds, are able to promise premium goods at a lower price. Customers as well as farmers could make benefit and establish a loyal atmosphere for potential cooperation. The best farmer can make the most of the crop and the best (consumer) investor will guarantee that his home has high-quality food.

What's next for Credible

AI-based for geographical-based decentralized for crop insurance

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