Right now the Chainlink Group Grant program introduced funding for a low-cost insurance coverage collaboration between Etherisc, a decentralized insurance coverage protocol, and ACRE Africa, a microinsurance issuer centered on the second-most populous continent on the planet. 

In accordance with an announcement from Chainlink, the undertaking goals to construct a blockchain-based insurance coverage platform that delivers inexpensive protection for the almost 250,000 smallholder farmers in Kenya, lots of whom are anticipated to be disproportionately affected by local weather change over the subsequent three years.

The deliberate platform can even present insurance coverage insurance policies with cost installments valued as little as the equal of fifty cents in native currencies.

The grant cash might be used to finance a number of elements of the undertaking, similar to growing the sensible contracts, constructing a user-friendly front-end for farmers to work together with, integrating with native cost methods, and numerous different technical developments.

As well as, part of this grant will go in the direction of financing research associated to the economics of insurance coverage for agricultural crops in lots of African international locations, with the purpose of figuring out sustainable protection fashions for each insurers and farmers.

“We’re excited to have the ability to additional our work with farmers in East Africa by receiving help by way of the Chainlink Group grant to assist construct out and implement a extra dependable and cost-effective mannequin for crop insurance coverage with the collaboration of Etherisc,” stated the CEO of ACRE Africa, George Kuria.

The undertaking is a part of a wider pattern of rising curiosity in blockchain applied sciences spreading throughout the African continent. Earlier within the 12 months, the open-source climate expertise firm Telokanda introduced a blockchain undertaking to trace the climate in West Africa.