OVERSIGHT AND PAYMENT OF AGRICULTURAL SUBSIDIES

The transparent and immutable behavior of the Blockchain will enable insurance companies and other authorized parties to access the data provided by farmers easily. They can directly query the blockchain to fetch the required information with the help of smart contracts. After the insurance claim request is approved, farmers will automatically get the requested amount in their respective wallets. Also, during the whole process farmers can trace the activity of approval of subsidy. Thus, through Blockchain farmers can get compensation seamlessly and quickly.

A Blockchain enabled database that embraces smart contracts and automation on several accounts would facilitate the transfer of subsidy payments in a cost-efficient manner and instantly. Blockchain can also be employed in the process of disbursing subsidies to farmers to ensure that they benefit from subsidy programs.