Right this moment the Chainlink Neighborhood Grant program introduced funding for a low-cost insurance coverage collaboration between Etherisc, a d
Right this moment 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 challenge goals to construct a blockchain-based insurance coverage platform that delivers inexpensive protection for the practically 250,00zero smallholder farmers in Kenya, lots of whom are anticipated to be disproportionately affected by local weather change over the following three years.
The deliberate platform may even present insurance coverage insurance policies with fee installments valued as little as the equal of 50 cents in native currencies.
The grant cash will likely be used to finance a number of features of the challenge, akin to growing the sensible contracts, constructing a user-friendly front-end for farmers to work together with, integrating with native fee methods, and varied different technical developments.
As well as, part of this grant will go in the direction of financing research associated to the economics of insurance coverage for agricultural crops in lots of African international locations, with the aim 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 means of 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 challenge is a part of a wider development 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 challenge to trace the climate in West Africa.