Etherisc to offer blockchain-based crop insurance to Kenyan farmers
The project aims to provide a blockchain-based parametric insurance platform that helps protect smallhold farmers from the effects of climate change. Today the Chainlink Community Grant program announced funding for a low-cost insurance collaboration between Etherisc, a decentralized insurance protocol, and ACRE Africa, a microinsurance issuer focused on the second-most populous continent on the planet. According to an announcement from Chainlink, the project aims to build a blockchain-based insurance platform that delivers affordable coverage for the nearly 250,000 smallholder farmers in....
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The project said it would be paying roughly 6,000 farmers for crops adversely affected by climate change before the end of the season. An insurance collaboration between decentralized protocol Etherisc and microinsurance issuer ACRE Africa has allowed thousands of farmers in Kenya to receive coverage for weather-related risks.Etherisc and ACRE Africa said they had processed insurance payouts for some of the more than 17,000 smallholder farmers in Kenya covered under the collaboration. The Chainlink Community Grant, the Ethereum Foundation and the Decentralized Insurance Foundation helped....
The collaboration employs current climatic data for providing knowledge to farmers. The data from Plugin will educate peasants and guide in agricultural activities Plugin (PLI) and Sumunnati joined hands together to increase the radar range for crop insurance to the small-scale farmers too. The collaboration is applying the weather intelligence functioning over the blockchain platform. […]
The coalition will release a decentralized application to help farmers make or receive payments using crypto. Insurance company Lemonade has partnered with prominent blockchain companies to form the Lemonade Crypto Climate Coalition (L3C) decentralized autonomous organization (DAO) to protect farmers from climate change by offering blockchain-based insurance. The insurance firm founded Lemonade Foundation, a nonprofit focused on creating social and environmental change with the use of blockchain-enabled technologies. The foundation will work closely with members of the L3C including....
Blockchains can help to insure the world’s uninsured, but daunting challenges remain: How does one explain crop insurance to indigent farmers? A new insurance world is coming where smart contracts replace insurance documents, blockchain “oracles” supplant claim adjusters, and decentralized autonomous organizations (DAOs) take over traditional insurance carriers. Millions of poor farmers in Africa and Asia will be eligible for coverages like crop insurance too, whereas before, they were too poor and too dispersed to justify the cost of underwriting.That is the vision, anyway, on display in....
The WEF looks to introduce legacy systems to blockchains. Blockchain technology in general and smart contracts in particular can “unlock the hidden values of legacy digital systems,” according to the World Economic Forum, or WEF. To understand how, look no further than India’s Crop Insurance Scheme. In a 40-page white paper released on Wednesday, the Geneva-based organization promotes the importance of interoperability between legacy systems and distributed ledger technologies – but only for specific use cases that are suitable for blockchains.The WEF says:“Once readers have already....