{"id":11080,"date":"2020-12-17T19:13:52","date_gmt":"2020-12-17T13:43:52","guid":{"rendered":"https:\/\/zebpay.com\/?p=11080"},"modified":"2025-02-14T07:42:14","modified_gmt":"2025-02-14T07:42:14","slug":"how-chainlink-can-bring-the-power-of-blockchain-to-indias-farmers","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/how-chainlink-can-bring-the-power-of-blockchain-to-indias-farmers","title":{"rendered":"How Chainlink can bring the power of blockchain to India\u2019s farmers"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/how-chainlink-can-bring-the-power-of-blockchain-to-indias-farmers\/#The_Pradhan_Mantri_Fasal_Bima_Yojana\" title=\"The Pradhan Mantri Fasal Bima Yojana\">The Pradhan Mantri Fasal Bima Yojana<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/how-chainlink-can-bring-the-power-of-blockchain-to-indias-farmers\/#How_will_Chainlink_help\" title=\"How will Chainlink help?\">How will Chainlink help?<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/how-chainlink-can-bring-the-power-of-blockchain-to-indias-farmers\/#Transparency_and_accountability\" title=\"Transparency and accountability\">Transparency and accountability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/in\/blog\/how-chainlink-can-bring-the-power-of-blockchain-to-indias-farmers\/#Reducing_corrupt_behaviour\" title=\"Reducing corrupt behaviour\">Reducing corrupt behaviour<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/in\/blog\/how-chainlink-can-bring-the-power-of-blockchain-to-indias-farmers\/#Information_security\" title=\"Information security\">Information security<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p><strong>Smart contracts are one of the most promising innovations in blockchain technology. By adding conditional logic (<em>if X happens, then do Y<\/em>) onto blockchain\u2019s distributed ledger, we can create contracts that cannot be tampered with.&nbsp;<\/strong><\/p>\n\n\n\n<p>One way to use this technology? Bringing crop insurance to farmers in India.&nbsp;<\/p>\n\n\n\n<p>Chainlink has <a href=\"https:\/\/www.prnewswire.com\/news-releases\/the-world-economic-forum-and-chainlink-propose-industry-oracle-standard-for-connecting-blockchains-and-legacy-systems-301188894.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">published a paper<\/a> in collaboration with the World Economic Forum laying out a new standard for integrating traditional infrastructure with blockchain technology.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-the-pradhan-mantri-fasal-bima-yojana\"><span class=\"ez-toc-section\" id=\"The_Pradhan_Mantri_Fasal_Bima_Yojana\"><\/span><strong>The Pradhan Mantri Fasal Bima Yojana<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The scheme was launched in 2016 to give farmers insurance to protect them against crop failure. In addition to providing a safety net to the country\u2019s farmers, the scheme hopes to encourage them to modernize their practice.<\/p>\n\n\n\n<p>Most of the insurance premium is covered by the central and state governments, while the farmer pays a maximum of 2% annually.&nbsp;<\/p>\n\n\n\n<p>As a result, the large scale of the programme is evident, as reported in the Kharif season (June\u2013October) of 2019. <\/p>\n\n\n\n<ul>\n<li>Total farmers covered &#8211; 18 million<\/li>\n\n\n\n<li>Crop area insured &#8211; 23 million hectares<\/li>\n\n\n\n<li>Total premium &#8211; $2 billion<\/li>\n<\/ul>\n\n\n\n<p>In order to implement this scheme, many external stakeholders need to join hands. Now, when each of these stakeholders use technical systems to collect and process data, it becomes difficult to coordinate and share information.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"707\" height=\"629\" src=\"https:\/\/zebpay.com\/wp-content\/uploads\/2020\/12\/PMRJ-Stakeholders.png\" alt=\"\" class=\"wp-image-11081\" srcset=\"https:\/\/zebpay.com\/in\/wp-content\/uploads\/2020\/12\/PMRJ-Stakeholders.png 707w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2020\/12\/PMRJ-Stakeholders-300x267.png 300w\" sizes=\"(max-width: 707px) 100vw, 707px\" \/><figcaption class=\"wp-element-caption\">Source: pmfby.gov.in\/<\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-how-will-chainlink-help\"><span class=\"ez-toc-section\" id=\"How_will_Chainlink_help\"><\/span><strong>How will Chainlink help?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Chainlink can help these different agencies coordinate using oracle programs. An oracle can connect a blockchain-based contract with real-world data &#8211; helping systems speak to one another. The paper recommends that agencies use decentralized networks of oracles, to guarantee the data&#8217;s accuracy, and its security.<\/p>\n\n\n\n<p>This brings the following benefits:<\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-transparency-and-accountability\"><span class=\"ez-toc-section\" id=\"Transparency_and_accountability\"><\/span><strong>Transparency and accountability<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>Transactions on the blockchain cannot be altered, and are completely transparent. As a result, this network can serve as a trustworthy common data store for participants, by sharing blockchain nodes with all stakeholders,.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-reducing-corrupt-behaviour\"><span class=\"ez-toc-section\" id=\"Reducing_corrupt_behaviour\"><\/span><strong>Reducing corrupt behaviour<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>Smart contracts can be programmed to automatically transfer welfare benefits to farmers directly. Consequently, there is no human discretion in settling claims.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-information-security\"><span class=\"ez-toc-section\" id=\"Information_security\"><\/span><strong>Information security<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>While keeping information secure only through traditional methods may not be very effective, employing a blockchain makes it difficult to break in and alter records.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-dots\"\/>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Smart contracts are one of the most promising innovations in blockchain technology. By adding conditional logic (if X happens, then do Y) onto blockchain\u2019s distributed ledger, we can create contracts that cannot be tampered with.&nbsp; One way to use this technology? Bringing crop insurance to farmers in India.&nbsp; Chainlink has published a paper in collaboration [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[108,109,84],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/11080"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=11080"}],"version-history":[{"count":2,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/11080\/revisions"}],"predecessor-version":[{"id":31651,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/11080\/revisions\/31651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/11082"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=11080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=11080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=11080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}