FarmFund - A Blockchain based Crowdfunding App for Farmers

Abstract

At the pace at which technology is growing in this day and age, it is vital to keep up with the trend and improve existing systems. Blockchain is one such domain and the research and development done in this area in the past few years has been extraordinary. The crowdfunding and fintech sectors can be impacted positively with the application of blockchain. Existing crowdfunding services currently do not provide an incentive for investors who are using the platform, making it a very one-sided gain for the person making the request. There is also the fact that farmers are still unable to receive capital easily when they are in need. This work proposes a blockchain based system that enables investors to receive a portion of their investment based on returns made by the farmer. The proposed system will ensure that farmers will receive capital easily when they are in need. The Credit Score system has been integrated with the system to build the trust in the system. Plasma based distributed Ledger framework will enable gasless transaction ensuring a cost-effective system which has been demonstrated in results section.