Application of Blockchain Technology in the Field of Agricultural Index Insurance

Abstract

Blockchain technology has broad application potential in promoting high-quality development of agricultu ral insurances. Aiming at the current existing problems of agricultural insurances, such as few choices, non-uniform loss assessment standards, opaque methods of government subsidies and so on, this paper proposes to use the distributive, traceable and other characteristics of blockchain technology, including the application of smart contract, in agricultural index insurances to increase its credibility. The paper starts by briefly describing the traditional agricultural insurance business scope, purchase forms, and claim process, followed by a detailed discussion of the development of agricultural index insurances in China, then compares the advantages and disadvantages of the index insurances and analyzes the compliance of agricultural index insurances. Finally, the paper takes the agricultural weather index insurance as an example and designs the insurance process and targeted solutions for agricultural index insurances through blockchain technology applications, complemented by technologies, such as DSSAT and satellite remote sensing.