✅ Tomas Crypto Farm ✅
Problem Statement Title - Student Innovation 🌟 Problem Statement ID - 1484 🆔 Description 📝
More than 30% of the farmers in India are below the poverty line, and the rest face financial difficulties even for basic facilities like education or healthcare. Unfortunately, we frequently come across cases of farmer suicides. The poor farmer invests a large amount of his savings into his crop all at once, and if the crop fails, he is completely devastated. Sometimes he takes informal loans at high interest rates, which lead him into a debt trap or force him to pledge his property.
We aim to help farmers alleviate their financial burdens by connecting urban and rural economics through blockchain technology. 💪🌾
Problems we aim to tackle 🎯
- Loans 💰
- Debt Trap ⛓️
- Lack of resources 🌱
- Low-quality production due to financial limitations
⚠️ - Severe financial impact on farmers if the crop fails 💸
SOLUTION 💡
Instead of the poor farmer using all of his hard-earned money to grow crops and taking risks, we have a better approach. 🙌 We propose a platform where the urban population can invest in crop production. Farmers only have to use their farm and continue their work as usual. 🏡 The farmer can log in to the website, upload the farm and crop details, investment required, return percentage, and create an 'Investment Request' for the season. 💻 Investors can see the farm location and invest any amount they want. 📈 The farmer starts receiving money and can buy required products without taking on any loans or financial risks. 💰 Once the crop is harvested, the Government Agency (Food Corporation of India) procures the harvest. Payment is made, and the farmer receives the money. The investors receive their share of the profit. 💰
Here's an example based on real data: 📊
For growing rice on a 4-acre farm, the approximate investment required is 100k, and the total revenue return is approximately 200k, resulting in a profit of 100k. Let's say 50 people invest 2000 Rupees each. When the crop is sold for 200k, the farmer keeps 90% of the profit, and the remaining 10% is distributed among the investors. In this way, the investors receive a 10% return on their investment, similar to stock returns. So the farmer earns a profit without taking on any financial risk. Additionally, the government follows the rule of the Minimum Support Price (MSP) system, ensuring that farmers always receive the MSP and can even earn additional profits under certain conditions. 📈
Issues resolved ✔️
- No financial risk to farmers ✅
- Better crop production 🌾
- Even if the crop fails, no one incurs a significant loss
⚠️ - Connects urban people to rural areas and contributes to economic development 🌇
- Provides profit opportunities for investors 💰
NOTE ❗
- All the transactions will be made on the blockchain and will be entirely transparent. No corruption can be made. 🔒
- The government will use the blockchain as it has highly encouraged cryptocurrency this year. The launch of 'E Rupee' digital currency by RBI has shown that the government is going to be in the field of blockchain. 🇮🇳