FarmConnect

System Architecture

Problem we are trying to solve

Farmers in developing countries are heavily dependent on loans for maintaining a steady production of agriculture. This puts these farmers in a lot of debt and micro-finance can help these farmers in such situations.

Proposed Technological Stack

Using fast, fair and secure decentralized public ledger provided by Hedera Hashgraph to manage smart contracts
Writing Smart contracts written using Solidity
Will be spending HBARs to pay for the services on the network, such as processing transactions, running smart contracts, and storing files
Using Hedera Micro-payments API for micro-financing.

Proposed Solution to the problem

A cooperative farming method which offers transparency between the farmer and the consumer. The farmers can list the potential crops and the expected yield on his farm on the distributed public ledger. Consumers can view the details and check for the farmer credibility based on the previous cultivation and supply. This creates a transparent and tamper-proof digital market platform for farm products. Thus an agreement (consensus) can be formed between farmer and consumer, such that the consumer can fund individual crops or a field and can acquire or the yield from the farm or the profit percentage of its market value.

There will be a rating mechanism to build the credibility of farmer and consumer based on the previous experiences in the market. Organic farming and quality measurement can be assured with frequent quality checking by the concerned authorities. The immutable ledger ensures transparency and reduces the chances of fraud. Smart contracts can provide a better agreement between the farmers and consumers in case of discrepancies arising with regard to natural calamities, climate changes or other crop loss situations.

Eventually, the FarmConnect will build a decentralized market where the farmers can easily raise fund for cultivation along with the customers in his hand for buying his produce. On the other hand the customers can ensure quality products at lesser price with an early investment on the crops. The farmers can build consumer loyalty based on the quality of product and type of farming, which could eventually yield him better profits.