Company
Date Published
Author
Chainlink
Word count
952
Language
English
Hacker News points
None

Summary

The Chainlink Community Grant Program is supporting a collaboration between Etherisc and ACRE Africa to develop a decentralized insurance protocol offering blockchain-based parametric crop insurance for up to 250,000 smallholder farmers in Kenya. This initiative aims to address the low uptake of agricultural insurance in Sub-Saharan Africa, where only 3% of smallholder farmers have coverage, by tackling issues such as high costs, unreliable payouts, and lack of transparency. Utilizing Ethereum-based smart contracts and Chainlink-powered decentralized oracles, the project seeks to provide more accessible, cost-effective, and transparent insurance solutions, with expected benefits including reduced costs, timely payouts, and transparent processes. The grant will fund technical support and research to ensure the project's sustainability and scalability, ultimately aiming to improve the livelihoods of farmers facing climate change challenges. The initiative hopes to create a globally applicable standard for crop insurance and further the use of smart contracts in insurance.