India has progressed in all sectors be it establishing a strong foothold in the “space race” to developing multi-millionaire businesses. But, the greatest of all achievements is that of our Bhoomiputras! They have managed to support the hunger needs of such a huge economy with rudimentary and traditional farming methods.
The problem Although agriculture is an important sector of the Indian economy, farmers have always faced a lot of issues resulting in a tragic fall in the number of farmers and farming land. over the last 5 years, there has been a steady rise in the rates of farmers committing suicide. The National Crime Records Bureau of India reported that a total of 296,438 Indian farmers have committed suicides since 1995, One of the major reasons which account for this is farmers fail to repay the loans due to low-quality yields, high-interest rates, lack of knowledge about the market, and crops. The prevailing farm management systems provide assistance on the best agricultural practices to be followed. Only a handful amount of solutions have been developed to assist farmers on the financial front.
The Solution We have made an attempt to address issues like suggesting best agricultural practices as well as reducing the lethargic and tedious approach of availing loans for agro practices. Farm-Easy is a blockchain-based platform that would assist the farmers in :
- Finding the best crop based on their region, weather, and soil
- Avail loans at optimum interest rates from pool investors.
- The risk of investment loss is reduced for the liquidity providers (financial entities) due to the pool investment approach. The use of NFT (Non-Fungible Tokens) reduces the risk of losing entire farming land due to partial repayment of loans.
What it does:
Agro-Dashboard: The dashboard helps in suggesting the best agricultural methods to be practiced for a better yield. It accounts for factors like weather, cropping cycle (Kharif/ Rabi), market rates etc. to help in increasing the yield.
Blockchain-based loan interface:
- It will assist in procuring loans to the farmers using a Blockchain-based P2P (peer to peer) platform.
- Inspired by the DeFi (Decentralized Finance) ecosystem, our platform is based on the P2P digital INR pool providing a better rate of interests to lenders [financial entities and individual investors] and the beneficiaries [farmers]
- The risk of investment loss is reduced for the liquidity providers (financial entities) due to the pool investment approach.
- Farmers can avail loans from the digital INR pool by collateralizing their land in terms of NFTs (Non-Fungible Tokens) issued by Govt. based on details of the farming plot at the local Tehsildar office.
- Assigning NFTs to smaller pieces of farming land helps in preventing the entire confiscation of land in-case of partial repayment of their debts.
##How we build it To tackle the problem addressed above we decided to build a web-based platform. In the initial phase, the team was divided into 2 groups. The first group was involved in research and designing layouts for the website. The designs were finalized using Figma while the others were involved in developing web pages on the given designs.
Challenges we ran into
This was our second experience at Major League Hackathon. We were short on experience yet determined to develop a solution.It was a tricky part to address the problems related to the agro sector. Integrating the smart contracts with our front end was a tricky job, thanks to the midnight mentoring session that we figured out way. Accomplishments that we're proud of We are extremely proud that we made an attempt to develop a solution for Indian Farmers. The process gave us a deeper insight into the India agro sector and the problems related to it
What we learned
Debugging a lot of errors and solving issues we finally got our project ready. We're proud that starting from scratch we could create a project that could impact numerous lives. The process taught many tricks and tips to be kept in mind while developing, we also learned how to work in teams to achieve a common goal. It also gave deeper insights into Indian Agriculture.
What's next for Farm-Easy:aid to farmers:
- Integration of meta-transactions for seamless experience
- Crop insurance system
- Supply chain tracking of farm products