The Chainlink Community Grant program reportedly disclosed details of a financial support for a low-cost, blockchain-based insurance project between Etherisc and ACRE Africa.
Specifically, the project reportedly has a goal of establishing a blockchain-powered insurance platform that can provide coverage at reasonable cost, for the approximate 250,000 smallholder Kenya-based farmers – a majority of whom are likely to be disproportionately impacted by climate change throughout the next 3 years.
The platform is reportedly going to make insurance policies with payment installments available, with the minimum value can go down to equal 50 cents in local currencies.
The grant money will reportedly be directed to function as a means of financial support for numerous aspects of the projects, nominally designing smart contracts, establishing a user-friendly front-end for farmers’ interaction, with integration with local payment systems finalized, as well as different technical innovations.
Furthermore, a part of this grant will reportedly be dedicated to financially supporting research in associations with the economics of insurance for agricultural crops throughout several African nations, with a target to set up coverage models with sustainability, for both insurers and farmers.
“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,” Head of ACRE Africa, George Kuria, reportedly remarked.
The project is reportedly a development of a trend at a larger scope of attention turning to blockchain, spreading throughout the African continent.