IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v13y2021i16p8921-d611314.html
   My bibliography  Save this article

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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Nishant Jha & Deepak Prashar & Osamah Ibrahim Khalaf & Youseef Alotaibi & Abdulmajeed Alsufyani & Saleh Alghamdi, 2021. "Blockchain Based Crop Insurance: A Decentralized Insurance System for Modernization of Indian Farmers," Sustainability, MDPI, vol. 13(16), pages 1-17, August.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:16:p:8921-:d:611314
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/13/16/8921/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/13/16/8921/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Valentina Gatteschi & Fabrizio Lamberti & Claudio Demartini & Chiara Pranteda & Víctor Santamaría, 2018. "Blockchain and Smart Contracts for Insurance: Is the Technology Mature Enough?," Future Internet, MDPI, vol. 10(2), pages 1-16, February.
    2. Cristian KEVORCHIAN & Camelia GAVRILESCU & Gheorghe HURDUZEU, 2020. "A Peer-To-Peer (P2p) Agricultural Insurance Approach Based On Smart Contracts In Blockchain Ethereum," Agricultural Economics and Rural Development, Institute of Agricultural Economics, vol. 17(1), pages 29-45.
    3. John Salmon & Gordon Myers, 2019. "Blockchain and Associated Legal Issues for Emerging Markets," World Bank Publications - Reports 31202, The World Bank Group.
    4. Guang Li & Fangfang Liu & Ashutosh Sharma & Osamah Ibrahim Khalaf & Youseef Alotaibi & Abdulmajeed Alsufyani & Saleh Alghamdi, 2021. "Research on the Natural Language Recognition Method Based on Cluster Analysis Using Neural Network," Mathematical Problems in Engineering, Hindawi, vol. 2021, pages 1-13, May.
    5. Robin Chark & Vincent Mak & A. V. Muthukrishnan, 2020. "The premium as informational cue in insurance decision making," Theory and Decision, Springer, vol. 88(3), pages 369-404, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Muhammad Saad & Muhammad Khalid Khan & Maaz Bin Ahmad, 2022. "Blockchain-Enabled Vehicular Ad Hoc Networks: A Systematic Literature Review," Sustainability, MDPI, vol. 14(7), pages 1-31, March.
    2. Satheeshkumar Palanisamy & Balakumaran Thangaraju & Osamah Ibrahim Khalaf & Youseef Alotaibi & Saleh Alghamdi & Fawaz Alassery, 2021. "A Novel Approach of Design and Analysis of a Hexagonal Fractal Antenna Array (HFAA) for Next-Generation Wireless Communication," Energies, MDPI, vol. 14(19), pages 1-18, September.
    3. Reimund Schwarze & Oleksandr Sushchenko, 2022. "Climate Insurance for Agriculture in Europe: On the Merits of Smart Contracts and Distributed Ledger Technologies," JRFM, MDPI, vol. 15(5), pages 1-16, May.
    4. Hussien Mohamad Alakrash & Norizan Abdul Razak, 2021. "Technology-Based Language Learning: Investigation of Digital Technology and Digital Literacy," Sustainability, MDPI, vol. 13(21), pages 1-17, November.
    5. Guangjie Lv & Caixia Song & Pengmin Xu & Zhiguo Qi & Heyu Song & Yi Liu, 2023. "Blockchain-Based Traceability for Agricultural Products: A Systematic Literature Review," Agriculture, MDPI, vol. 13(9), pages 1-32, September.
    6. Kuruva Lakshmanna & Neelakandan Subramani & Youseef Alotaibi & Saleh Alghamdi & Osamah Ibrahim Khalafand & Ashok Kumar Nanda, 2022. "Improved Metaheuristic-Driven Energy-Aware Cluster-Based Routing Scheme for IoT-Assisted Wireless Sensor Networks," Sustainability, MDPI, vol. 14(13), pages 1-19, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sachin Kumar Mangla & Yiğit Kazançoğlu & Abdullah Yıldızbaşı & Cihat Öztürk & Ahmet Çalık, 2022. "A conceptual framework for blockchain‐based sustainable supply chain and evaluating implementation barriers: A case of the tea supply chain," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3693-3716, December.
    2. Chark, Robin & Muthukrishnan, A.V., 2022. "Brand effect on extended warranty valuation: Subjective value versus popularity," International Journal of Research in Marketing, Elsevier, vol. 39(4), pages 1082-1092.
    3. Martin Eling & Davide Nuessle & Julian Staubli, 2022. "The impact of artificial intelligence along the insurance value chain and on the insurability of risks," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(2), pages 205-241, April.
    4. Khan, Nida & Kchouri, Bilal & Yatoo, Nissar Ahmad & Kräussl, Zsofia & Patel, Anass & State, Radu, 2022. "Tokenization of sukuk: Ethereum case study," Global Finance Journal, Elsevier, vol. 51(C).
    5. Christian Eckert & Christof Neunsinger & Katrin Osterrieder, 2022. "Managing customer satisfaction: digital applications for insurance companies," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(3), pages 569-602, July.
    6. Salil Bharany & Sandeep Sharma & Sumit Badotra & Osamah Ibrahim Khalaf & Youseef Alotaibi & Saleh Alghamdi & Fawaz Alassery, 2021. "Energy-Efficient Clustering Scheme for Flying Ad-Hoc Networks Using an Optimized LEACH Protocol," Energies, MDPI, vol. 14(19), pages 1-20, September.
    7. Kuruva Lakshmanna & Neelakandan Subramani & Youseef Alotaibi & Saleh Alghamdi & Osamah Ibrahim Khalafand & Ashok Kumar Nanda, 2022. "Improved Metaheuristic-Driven Energy-Aware Cluster-Based Routing Scheme for IoT-Assisted Wireless Sensor Networks," Sustainability, MDPI, vol. 14(13), pages 1-19, June.
    8. Cerchione, Roberto & Centobelli, Piera & Riccio, Emanuela & Abbate, Stefano & Oropallo, Eugenio, 2023. "Blockchain’s coming to hospital to digitalize healthcare services: Designing a distributed electronic health record ecosystem," Technovation, Elsevier, vol. 120(C).
    9. Yeray Mezquita & Ana Belén Gil-González & Angel Martín del Rey & Javier Prieto & Juan Manuel Corchado, 2022. "Towards a Blockchain-Based Peer-to-Peer Energy Marketplace," Energies, MDPI, vol. 15(9), pages 1-20, April.
    10. Qingfeng Zhu & Rui Zong & Mengqi Xu, 2023. "Three-Party Stochastic Evolutionary Game Analysis of Supply Chain Finance Based on Blockchain Technology," Sustainability, MDPI, vol. 15(4), pages 1-20, February.
    11. Vinay Gautam & Naresh K. Trivedi & Aman Singh & Heba G. Mohamed & Irene Delgado Noya & Preet Kaur & Nitin Goyal, 2022. "A Transfer Learning-Based Artificial Intelligence Model for Leaf Disease Assessment," Sustainability, MDPI, vol. 14(20), pages 1-19, October.
    12. Antonio Fusco & Grazia Dicuonzo & Vittorio Dell’Atti & Marco Tatullo, 2020. "Blockchain in Healthcare: Insights on COVID-19," IJERPH, MDPI, vol. 17(19), pages 1-12, September.
    13. Nada Mallah Boustani & Magnaghi Elisabetta, 2022. "Smart Insurance Contracts Shielding Pandemic Business Disruption in Developing Countries and Blockchain Solution," FinTech, MDPI, vol. 1(4), pages 1-16, October.
    14. Horst Treiblmaier, 2021. "Exploring the Next Wave of Blockchain and Distributed Ledger Technology: The Overlooked Potential of Scenario Analysis," Future Internet, MDPI, vol. 13(7), pages 1-13, July.
    15. Oskar Juszczyk & Khuram Shahzad, 2022. "Blockchain Technology for Renewable Energy: Principles, Applications and Prospects," Energies, MDPI, vol. 15(13), pages 1-24, June.
    16. Shubham Joshi & T.P Anithaashri & Ravi Rastogi & Gaurav Choudhary & Nicola Dragoni, 2022. "IEDA-HGEO: Improved Energy Efficient with Clustering-Based Data Aggregation and Transmission Protocol for Underwater Wireless Sensor Networks," Energies, MDPI, vol. 16(1), pages 1-13, December.
    17. Giuliano Sansone & Flavio Santalucia & Davide Viglialoro & Paolo Landoni, 2023. "Blockchain for social good and stakeholder engagement: Evidence from a case study," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2182-2193, September.
    18. Wang, Yang & Chen, Peng & Wu, Bing & Wan, Chengpeng & Yang, Zaili, 2022. "A trustable architecture over blockchain to facilitate maritime administration for MASS systems," Reliability Engineering and System Safety, Elsevier, vol. 219(C).
    19. Narciz Balasoiu, 2021. "The Block Chain Technology – A Catalyst of the Fintech Revolution," RAIS Conference Proceedings 2021 0060, Research Association for Interdisciplinary Studies.
    20. Imad Antoine Ibrahim & Jon Truby, 2022. "Governance in the era of Blockchain technology in Qatar: a roadmap and a manual for Trade Finance," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(4), pages 419-438, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:13:y:2021:i:16:p:8921-:d:611314. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.