How It Works

1. Secure Storage

Initial Assessment

Farmers bring their agricultural products to certified partner warehouses
Quality assessment performed by certified agricultural experts
Moisture content, quality grade, and weight measurements recorded
Product samples collected and stored for reference

Documentation

Warehouse receipt issued with unique identifier
Storage location and compartment number recorded
Initial quality assessment report generated
Storage terms and conditions documented

Storage Process

Products are stored in climate-controlled environments to maintain optimal conditions.
Regular monitoring of storage conditions, including temperature and humidity, ensures product integrity.
Continuous 24/7 security surveillance protects stored products from theft and damage.
Monthly quality checks are performed to assess and maintain product standards.
Comprehensive insurance coverage is provided for all stored products against potential risks.

Storage Process

Products stored in climate-controlled environments
Regular monitoring of storage conditions (temperature, humidity)
24/7 security surveillance
Monthly quality checks performed
Insurance coverage for stored products

2. Digital Registration

Product Documentation

High-resolution photographs taken from multiple angles
Video documentation of quality assessment process
GPS coordinates of storage location recorded
Detailed product specifications logged

Blockchain Entry

Creation of Immutable Digital Record
Recording of:
- - Product type and variety
- - Quantity and quality grades
- - Storage date and location
- - Farmer's identification
- - Quality assessment results

Quality Verification

Independent verification conducted by qualified specialists ensures product quality and safety.
Digital signatures applied by inspectors ensure authentication and accountability for inspection results.
Uploading certification documents ensures easy access for verification and compliance with standards.

Quality Verification

Independent verification by agricultural experts
Digital signatures of inspectors
Upload of certification documents

3. NFT Generation

Digital Asset Creation

Unique NFT minted for stored products
Smart contract generation with:
- - Product specifications
- - Ownership details
- - Storage location
- - Quality certificates

Security Features

Multi-signature authorization
Encrypted ownership data
Tamper-proof digital seals
Real-time tracking capabilities

Ownership Management

Digital receipt are created for farmers to facilitate secure transactions.
Banks receive training on managing NFTs to enhance their digital skills.
Backup systems are implemented to securely store access credentials for farmers.
Help desk support is available to assist banks and farmers with any technical and non-technical issues.

Ownership Management

Digital wallet creation for farmers
Training on NFT management
Backup systems for access credentials
Help desk support for technical issues

4. Loan Request Process

Application

Digital loan application submission
Upload of required documents
Selection of loan amount (up to 70% of market value)
Choice of repayment terms

Value Assessment

Real-time market price checking
Historical price analysis
Quality premium calculations
Risk assessment scoring

Documentation

Digital submission of identity verification ensures secure access to services.
Land ownership and lease documents are submitted digitally for streamlined processing.
Previous farming records are submitted digitally to provide a comprehensive history.
Credit history is submitted digitally, if available, to assess financial reliability.

Documentation

Identity verification
Land ownership/lease documents
Previous farming records
Credit history (if available)

5. Bank Approval Process

Due Diligence

Verification of digital assets
Assessment of:
- - Product quality reports
- - Market conditions
- - Farmer's credit history
- - Storage security

Risk Analysis

Market price volatility assessment
Storage facility evaluation
Insurance coverage verification
Repayment capacity analysis

Approval Communication

Digital notifications inform borrowers of their loan status in real-time.
A clear presentation of terms and conditions ensures borrowers understand their obligations.
The interest rate and fee structure are detailed to provide transparency.
Repayment schedule generation: A repayment schedule is generated to outline payment timelines and amounts.

Approval Communication

Digital notification of loan status
Terms and conditions presentation
Interest rate and fee structure
Repayment schedule generation

6. Fund Disbursement

Payment Processing

Direct bank transfer to farmer's account
Mobile money transfer options
Real-time transaction notification
Digital receipt generation

Documentation

Loan agreement digitization
Payment confirmation
Terms and conditions acceptance
Digital signature collection

Support Services

Financial advisory services are provided to help farmers make informed decisions.
Market price notifications when farmer needs to keep farmers updated on current pricing trends.
Regular storage status updates inform farmers about their inventory conditions.
Access to technical support ensures farmers receive assistance when needed.

Support Services

Financial advisory services
Market price notifications
Storage status updates
Technical support access

7. Loan Repayment

Flexible Options

Direct bank transfer
Mobile money payments
Sales proceeds allocation
Partial prepayment options

Payment Tracking

Real-time payment monitoring
Automated payment reminders
Digital receipt generation
Balance updates

Default Prevention

An early warning system alerts farmers to potential risks and challenges.
Farmers can receive notifications about significant price fluctuations in real-time if they wish to stay informed about market prices.
Payment deadline reminders help farmers manage their financial obligations effectively.
Financial advisory services offer guidance to farmers for sound decision-making.

Default Prevention

Early warning system
Market price alerts
Payment deadline reminders
Financial advisory services

8. Product Withdrawal

Request Process

Digital withdrawal request
Quantity specification
Preferred pickup date
Transport arrangement options

Quality Verification

Pre-withdrawal quality check
Comparison with initial assessment
Update of digital records
Final condition report

Release Process

Authorization verification
Quality confirmation
Weight verification
Transport documentation
Digital receipt update

Post-Withdrawal

NFT burning/update
Storage record closure
Final documentation generation
Insurance status update

For more information about specific aspects of our service or to begin the registration process, please contact our support team or visit your nearest partner bank branch.

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Copyright © 2024 ETH-FARM | RIRA Technologies. All rights reserved.

Copyright © 2024 ETH-FARM. All rights reserved