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Today the Chainlink Community Grant program announced the funding of a low-cost insurance partnership between Etherisc, a decentralized insurance protocol, and ACRE Africa, a micro-insurance issuer focused on the second most populous continent on the planet.
According to a Chainlink announcement, the project aims to build a blockchain-based insurance platform that offers affordable coverage for the nearly 250,000 smallholder farmers in Kenya, many of whom are expected to be disproportionately affected by climate change over the next three years.
The planned platform will also provide insurance policies with payment installments valued starting at the equivalent of 50 cents in local currencies.
The grant money will be used to finance various aspects of the project, such as the development of smart contracts, the construction of an easy-to-use front-end with which farmers can interact, integration with local payment systems and various other developments technicians.
In addition, part of this grant will go to finance studies related to the economics of agricultural crop insurance in many African countries, with the aim of determining sustainable coverage models for both insurers and farmers.
“We are thrilled to be able to continue our work with farmers in East Africa by receiving support through the Chainlink Community Grant to help build and implement a more reliable and cost-effective model for crop insurance with Etherisc,” he said. the managing director of ACRE Africa, George Kuria.
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 weather in West Africa.
