AgriBlock RAKATHON 2022
Sustainable Development
Problem Statement
The agricultural sector is responsible for 10% of CO2 emissions, according to the United States Environmental Protection Agency (EPA). However, agricultural companies have the potential to offer sustainable products and services to farmers. The problem is that farmers are often reluctant to adopt sustainable practices without proper economic incentives. Centralized platform business models have not been successful in creating economic value for farmers. Meanwhile, the demand for a voluntary carbon market is increasing. The question is, what technologies and business models can financially incentivize farmers to implement climate-smart practices? What are the ways buyers can ensure the authenticity of carbon credits? And how can participants, including investors, derive economic value?
AgriBock offers a potential solution to these challenges. It is an NFT application based on the Ethereum Blockchain, written in Solidity Smart Contract, and using the power of React Frontend and ether.js to interact with the Smart Contract present in the Ethereum Blockchain. With AgriBock, farmers can register on the platform with all relevant information, upload and mint their NFTs in IPFs, and buy and sell NFTs in the AgriBock NFT marketplace. These NFTs can then be purchased by industrial buyers, granting them carbon credits while also investing in farmers so they can adopt more sustainable farming practices.
AgriBock provides a way for farmers to sell carbon credits in the form of NFTs to industrial buyers who need to buy carbon credits to achieve sustainability goals. This gives farmers money to invest in more sustainable farming practices, creating a win-win situation for all. Air Quality verification is done using IoT devices, serving as a verification mechanism to ensure that money is invested by farmers to adopt more sustainable farming methods.
By leveraging NFTs, AgriBock enables the creation of a decentralized marketplace for carbon credits. It creates a transparent and secure platform for buying and selling carbon credits, while providing farmers with an incentive to adopt sustainable farming practices. With the help of IoT devices, the platform ensures that carbon credits are genuine, providing buyers with the proof of authenticity they need. Investors can also participate in the platform by purchasing NFTs and supporting sustainable farming practices.
In conclusion, AgriBock offers a promising solution to the challenges of incentivizing farmers to adopt sustainable farming practices. By providing a decentralized marketplace for carbon credits and leveraging the power of NFTs, AgriBock creates economic value for farmers, buyers, and investors alike.
Features
- Farmer Registration: Farmers can register on AgriBock and provide all relevant information.
- NFT Minting: Using IoT data verification, NFTs are minted for carbon credits to prove sustainable farming practices.
- IoT Verification: IoT devices directly stream data to the NFT using Device ID and Azure IoT Hub.
- User Dashboard: Farmers can view all the NFTs that have been minted, sold, and purchased through their user dashboard.
- Carbon Credits: Customer/Industries can buy NFT carbon credits to meet their ESG goals and become carbon neutral companies.
- Direct Cryptocurrency Transfer: Money in the form of cryptocurrency is directly transferred to farmers without commission or middlemen, allowing them to invest in adopting more sustainable farming methods.
Main Page
Carbon Credits
User Dashboard
Registation
Selling
buying
NFT VERIFIACTION
IOT
Tech Stack
- ⊷ React JS
- ⊷ IPFS
- ⊷ Solidity smart Contract
- ⊷ Ethereum
- ⊷ ESPB266 Arduino kit
- ⊷ Azure IOT hub
- ⊷ Meta Mask
- ⊷ Ether.js