At the moment 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 centered on the second-most populous continent on the planet.
In line with 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 following 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 will likely be used to finance a number of features of the mission, resembling growing the good contracts, constructing a user-friendly front-end for farmers to work together with, integrating with native cost techniques, and numerous 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 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,” stated 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 expertise firm Telokanda announced a blockchain project to track the weather in West Africa.