The Chainlink Community Grant program announced today the funding of a low-cost insurance collaboration between Etherisc, a decentralized insurance protocol, and ACRE Africa, a microinsurance company focused on the world’s second largest continent.
According to an announcement from Chainlink, The project aims to build a blockchain-based insurance platform that will provide affordable coverage for the nearly 250,000 smallholders in Kenya, many of whom are expected to be disproportionately affected by climate change over the next three years.
The planned platform will also offer insurance policies payment installments equivalent to 50 cents in local currency.
The grant money is used to fund various aspects of the project, such as: B. to develop smart contracts, to create a user-friendly interface for the interaction of farmers, to integrate with local payment systems and to various other technical developments.
In addition, part of this grant will be used to fund studies on the insurance economics of arable crops in many African countries. with the aim of determining sustainable coverage models for insurers and farmers.
“We are excited to advance our work with farmers in East Africa by receiving support from the Chainlink Community Grant to work with Etherisc to build and implement a more reliable and cost-effective model for crop insurance.” said George Kuria, CEO of ACRE Africa.
The project is part of a broader trend of growing interest in blockchain technologies spreading across the African continent.. Earlier this year, open source weather technology company Telokanda announced a blockchain project to track the weather in West Africa.