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

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.