Etherisc to supply blockchain-based crop insurance coverage to Kenyan farmers

At this time the Chainlink Group Grant program introduced funding for a low-cost insurance coverage collaboration between Etherisc, a decentralized insurance coverage protocol, and ACRE Africa, a microinsurance issuer targeted on the second-most populous continent on the planet. 

In response to an announcement from Chainlink, the mission goals to construct a blockchain-based insurance coverage platform that delivers reasonably priced protection for the practically 250,000 smallholder farmers in Kenya, lots of whom are anticipated to be disproportionately affected by local weather change over the subsequent three years.

The deliberate platform may also present insurance coverage insurance policies with cost installments valued as little as the equal of fifty cents in native currencies.

The grant cash might be used to finance a number of points of the mission, reminiscent of creating the good contracts, constructing a user-friendly front-end for farmers to work together with, integrating with native cost methods, and numerous different technical developments.

As well as, part of this grant will go in direction of financing research associated to the economics of insurance coverage for agricultural crops in lots of African nations, with the objective of figuring out sustainable protection fashions for each insurers and farmers.

“We’re excited to have the ability to additional our work with farmers in East Africa by receiving help by the Chainlink Group grant to assist construct out and implement a extra dependable and cost-effective mannequin for crop insurance coverage with the collaboration of Etherisc,” mentioned the CEO of ACRE Africa, George Kuria.

The mission is a part of a wider pattern of rising curiosity in blockchain applied sciences spreading throughout the African continent. Earlier within the 12 months, the open-source climate know-how firm Telokanda introduced a blockchain mission to trace the climate in West Africa.