This is the continuation of From Farm to Plate: Analysis & Blockchain-based Agro-industry Companies (Part 1). Please make sure you read the introductory part of the article before dealing with the second part to get a complete and meaningful insight from the same.
Smart Contract Enabled Crop Insurance
Predicting prevailing weather conditions in the coming months for days is an uncertain and risky proposition. Farmers rely on these climate conditions for their work. In order to safeguard the farmers interests, there are various crop insurances which can be availed on need. Further, processing the claim of the insurance is yet another slow process.
With the huge amount of data to be processed, it becomes cumbersome for the workforce to speed up the processes, delaying the farmer’s claims. Furthermore, the agriculture sector is still running with the outdated technologies. Blockchain technology becomes a necessity here.
In order to foster the insurance processes, we need to find the implementation of “Smart Contracts” onto the system. Such contracts must only be programmed beforehand to trigger events on the occurrence of various other events like natural disasters, etc. These smart contracts have been proved to be highly efficient to escalate the crop insurance industry.
With the growing need for a blockchain-based company to provide effective solutions having “material impact” to the agricultural sector, many small and big firms are quickly developing in this space. Here are some of the top companies in this regard:
FoodCoin follows a FoodCoin Ecosystem which is a platform that brings together farmers, buyers of natural food, restaurants, and grocery shops owners, members of buying clubs, manufacturers and distributors, logistics and transport companies, customs brokers, insurance companies, state certification authorities as well as customs and tax authorities.
Img: Network Economic Model
Source: FoodCoin Whitepaper
1000Ecofarms were the first to integrate with FoodCoin as they had the necessary tools which can attract the farmers and other participants to the platform. 1000Ecofarms is the first B2B & B2C platform which is the first global natural food marketplace allowing cryptocurrencies for the payments.
Smart Contracts is the main tool used by the Company for the transactions. The main motto of the firm includes protecting the interest of small scale farmers, making sure they are provided equal opportunities at par with the Large Companies who grab their opportunities of business. The Company makes use of its own FoodCoin cryptocurrency, own payment system DiPay (DP), advanced multi-functional crypto wallet – Wallok and smart contracts library – Smaco. Users will be using the DiPay payment system to quickly deliver fiat and cryptocurrency transactions. To interact over the network or the platform, the Wallok can be used.
The Company has been working on blockchain based solutions since 2015 when AgriDigital was founded and established. Laterwards the Company executed the world’s first sale of wheat over the blockchain platform. That sale was dealt with between the farmer and the buyer in 2016. The Company has extraordinarily been able to trace back the food materials to their source in the supply chain.
Source: AgriDigital Product Overview
As the Company was the first to initiate for the blockchain technology application in the agriculture sector, it remains as the global leader in this blockchain aspect pertaining to global agricultural supply chains.
Along with the blockchain technology in place for the client service, AgriDigital also offers the users to make use of cloud computing commodity management application. The processes are streamlined with underlying smart contracts. The Company keeps on innovating over the years to stay above its peers and also ensures customer satisfaction.
The Company provides a platform over which businesses can make their products and supply chains to possess a higher level of transparency and traceability. Provenance keeps on adding new businesses to its platform on a regular basis. The Company supports small scale farmers by helping them understand the empowerment or the benefits which are provided by their system. For instance, while on a business trip, the Provenance team reached out to smallholder coffee farmers to explain them about the Company’s blockchain platform.
The Company creates and assigns a digital passport for every physical product which will be handy for the end consumer to make sure the contents written over the cover matches the inside food material or the substance.
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