A blockchain-based insurance company aims to develop a parametric insurance platform that aids smallhold farmers from climate change.
Etherisc, a decentralized insurance protocol, and ACRE Africa a microinsurance issuer collaborated and obtained funding from the chainlink Community Grant program. This coalition provides services for the ance of low-cost insurance.
The program aims to build a blockchain-based insurance platform delivering affordable coverage plans for small farmers. It especially focuses on those who will be adversely affected by climate change. Also, the platform seeks to provide insurance policies with payment installments valued as low as 50 cents.
The grant money focuses on financing and developing smart contracts and constructing a user-friendly interface. Also, the integration of local payment systems and various other technical developments are crucial for the project that requires funding.
“We’re excited to be able to further our work with farmers in East Africa by receiving support through the Chainlink Community grant to help build out and implement a more reliable and cost-effective model for crop insurance with the collaboration of Etherisc,” said the CEO of ACRE Africa, George Kuria.
This initiative is part of a widespread trend in blockchain technologies spreading across the African subcontinent.