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Etherisc to offer blockchain-based crop insurance to Kenyan farmers

Etherisc to offer blockchain-based crop insurance to Kenyan farmers

Right now the Chainlink Neighborhood Grant program introduced funding for a low-cost insurance coverage collaboration between Etherisc, a decentralized insurance coverage protocol, and ACRE Africa, a microinsurance issuer centered on the second-most populous continent on the planet. 

In response to an announcement from Chainlink, the undertaking goals to construct a blockchain-based insurance coverage platform that delivers inexpensive protection for the almost 250,00zero smallholder farmers in Kenya, a lot of whom are anticipated to be disproportionately affected by local weather change over the subsequent three years.

The deliberate platform can even present insurance coverage insurance policies with fee installments valued as little as the equal of 50 cents in native currencies.

The grant cash might be used to finance a number of features of the undertaking, akin to growing the sensible contracts, constructing a user-friendly front-end for farmers to work together with, integrating with native fee techniques, and varied 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 international locations, with the purpose 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 assist by the Chainlink Neighborhood grant to assist construct out and implement a extra dependable and cost-effective mannequin for crop insurance coverage with the collaboration of Etherisc,” stated the CEO of ACRE Africa, George Kuria.

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