Rental and Loan System in Agriculture using Blockchain Technology

Abstract

Abstract: This paper proposes a rental and loan system in agriculture using blockchain technology. Agriculture is an important sector of the economy, but smallholderfarmers often face challengesin accessing credit and equipment fortheirfarms. Blockchain technology offers a secure and transparent solution to these issues. The proposed system utilizes smart contracts on a blockchain network to facilitate rental and loan transactions between farmers and lenders. The smart contracts are self-executing, meaning that they automatically enforce the terms of the agreement once certain conditions are met. This ensures that both parties can trust the system and that the terms of the agreement are fulfilled. The system also utilizes a decentralized database to store information about the transactions, such as the terms of the agreement, the amount borrowed or rented, and the repayment schedule. This information is transparent and easily accessible to all parties involved, which reduces the risk of fraud and increases trust between the parties. The rental and loan system can also help to increase access to equipment for smallholder farmers, who may not have the financial resources to purchase their own equipment. By utilizing the system, farmers can rent the necessary equipment for a specific period of time and return it once their needs have been met. In conclusion, the proposed rental and loan system using blockchain technology offers a secure and transparent solution to the challengesfaced by smallholderfarmersin accessing credit and equipment fortheirfarms. The system hasthe potential to increase trust between parties, reduce the risk of fraud, and increase access to equipment for smallholderfarmers.