Majority of the people in India work hard as farmers. They wont get the amount for their land when it is destroyed due to natural calamities which is not their fault. Our goal is to make an insurance claim for the farmers on their lands and make this project go to a great extent. We need the support to this project. We think that XDC Network will help us.
Before the crop cycle starts, farmers pay an insurance payment, and anytime a loss occurs on their farm, they receive a payout from the insurance. Farmers are able to manage their financial exposure to weather extremes, i.e., financial losses brought on by weather extremes, because the insurer is taking on all of the insured risk in this way. Additionally, the insurer can further hedge the systemic element of the risk with a reinsurance business in case of weather hazards that systematically affect all the covered farms.
Solution to Problem Statement:-
The fundamental facts and knowledge about the natural resources that underpin all types of farming constitute the basis of the agri-food systems. It depicts the flow of data and information as well as the flow of products from input to output through several phases of value addition as well as the movement of money from output to input. Utilizing ICT, the internet of things (IoT), and a variety of contemporary data gathering and analysis tools, such as unmanned aerial vehicles (UAV), sensors, and machine learning, is a hallmark of cryptographic agriculture. Traditional methods manage data in a centralised manner and are vulnerable to cyberattacks, faulty data, data distortion, and misuse. It makes sure that all recorded data is unchangeable and that the facts and information are transparent to the participants and interested parties. Unlike previous systems, which rely on the "security of obscurity," blockchain technology produces security through decentralisation.
Challenges we ran into
We were rectifying many errors while going through this project and were calculating every corner cases for our solidity code.
The "cryptographic farming" initiative is a trailblazing approach that addresses the profound challenges faced by farmers, especially in regions like India. By integrating blockchain technology, the project ensures transparent, efficient, and immutable insurance processes, protecting farmers from financial devastation due to uncontrollable natural calamities. Furthermore, by aligning with categories such as cross-chain interoperability, NFT innovation, DeFi, wallet integration, scalability, and the potential for a decentralized exchange platform, it not only showcases technological innovation but also promises vast potential for scalability and global adaptation. The project represents a fusion of tradition with cutting-edge technology, aiming to safeguard the very backbone of our agrarian economies – the farmers.