Blockchain Based Crop Insurance: A Decentralized Insurance System for Modernization of Indian Farmers

Nishant Jha, Deepak Prashar, Osamah Ibrahim Khalaf, Youseef Alotaibi, Abdulmajeed Alsufyani and Saleh Alghamdi
Additional contact information
Nishant Jha: Department of CSE, Lovely Professional University, Phagwara 144402, India
Deepak Prashar: Department of CSE, Lovely Professional University, Phagwara 144402, India
Osamah Ibrahim Khalaf: Al-Nahrain Nanorenewable Energy Research Center Baghdad, Al-Nahrain University, Baghdad 10001, Iraq
Youseef Alotaibi: Department of Computer Science, College of Computers and Information Systems, Umm Al-Qura University, Makkah 21955, Saudi Arabia
Abdulmajeed Alsufyani: Department of Computer Science, College of Computers and Information Technology, Taif University, Taif 21944, Saudi Arabia
Saleh Alghamdi: Department of Information Technology, College of Computers and Information Technology, Taif University, Taif 21974, Saudi Arabia

Sustainability, 2021, vol. 13, issue 16, 1-17

Abstract: Conventional crop insurance systems are complex and often not economically feasible. Farmers are often reluctant to be covered for their crops due to lack of trust in insurance firms and the fear of delayed or non-payment of claims. In this paper, a blockchain based crop insurance solution is suggested. The solution suggested in this paper is an affordable, efficient, low cost crop insurance solution which will ensure many farmers are insured and benefiting from timely crop insurance. Currently the cost of administering insurance is an essential barrier to accessing this facility. With the proper use of blockchain based on ethereum this expense can be reduced dramatically. We have conducted various tests on platforms such as Google Cloud and found that the least throughput is 165 transactions. Upon analysis we have found that the time taken by the block formation is directly proportional to the timing of processing. The end-to-end average latency of the system was achieved as 31.2 s, which was quite effective for the infrastructure what we are using. Upon conducting acceptance testing, we found that the system suggested in the paper is effective and we are planning to release the application on open source platforms for future improvements.

Keywords: Google Cloud; crop insurance; blockchain; ethereum; open source; latency (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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