Blockchain and AI Fostered Farming

Business Software India   •   Mar 3, 2020

The debt trap is one of the common reasons for the low financial state of farmers or farmer suicides. The majority of farmers are often not aware of the government support systems and lending systems, which make them go to private and unauthorized lending systems. That is one of the primary cause of financial losses of the farmers, which eventually make them fall into a debt trap.

Unstable production cycles are the most common hindrance to the economic upliftment of farmers. Even when there are good produces, poor distribution and marketing do not allow farmers to earn money that they deserve for their produces. That is the reason for the instability of their income as well and prevents them from staying in considerable profit during their agricultural life.

Currently, the majority of the products are distributed through a multi-level sales channel, and the brokers take a large part of it. Moreover, the massive difference in price between what consumers pay and what farmers get, get absorbed by those tiers, thus minimizes the farmer income despite the produces being sold to the consumers at a much higher price.

For the consumers, it has always been a concern about the source of the products. Better products with fully organic or less chemical-dependent agricultural processes always make buyers lean to these and pay more. With the current system, there is no transparent and authentic way to verify the source and the method of the produces. Neither there is any way to reliably identify the logistic process, delays, and other time data which can ensure the vitality and quality of the produces.

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