Securing Farm Insurance Using a Private-Permissioned Blockchain Driven by Hyperledger Fabric and IPFS

Bangladesh is a nation that mainly relies on agriculture for its resources. And any farm could experience a mishap that would result in irreparable losses and near bankruptcy for the owner. When livestock is injured or killed as a result of an accident or disease, farms, ranches, and other businesses that raise or care for livestock, such as livestock farms, can suffer financial losses. By purchasing farm insurance, farm owners can protect themselves against the loss of priceless animals and farm equipment. However, an effective structure is needed to ensure insurance which is easy to administer and tailored to farm owners, helping insurers propose appropriate insurance and identify fake insurance claims. In this study, we developed a system that assists insurance companies in conducting farm insurance, utilizing the hyperledger fabric-based blockchain in the safest way imaginable. We opted to use this technology due to its private nature, which offers access control and ensures the protection of sensitive data, which is the key priority for any insurance company. In an experimental test, our system outperformed Ethereum and Bitcoin with a scalability of 0.021 s for each transaction.