ABSTRACT
The welfare of farmers has been the agenda for elections in world’s largest democracy since 1947. Political parties made fortunes by exploiting the fragile economic status of farmers and making promises of farmer dare in every election, just to repeat them in next election, but with nothing changing for farmers. Urban workers earn eight times more than agricultural worker in India. Technology can bring prosperity to Indian farmers and reduce poverty.
Blockchain is a distributed ledger of transactions and digital events shared among the participating parties. Blockchain technology and financial technology (fintech) can provide cost effective accessibility of finance, insurance, smart contracts, e-payments, weather updates, land registrations, supply chain, and future trading solutions. An enhanced income for farmers offers a multiplier effect by boosting the demand for products, services, and investment. Better supply chains will reduce supply shocks and control inflation.
This chapter reviews the synergy of existing information and communication technology (ICT) infrastructure in India, stable and technologically well informed central government, predominantly young demographic profiles and an emerging start-up culture for transition to Agriculture 5.0 by developing blockchain and fintech solutions for the agriculture sector.
Blockchain is relatively unexplored technology in India. Blockchain is hard to implement due to complexity and lacks regulatory clarity. Political will and vision can make blockchain and economic prosperity a reality for Indian farmers. A care model is proposed to enhance the adoption of technology in India for Agriculture 5.0.
