The Chainlink Community Grant Program has announced funding for a low-cost insurance partnership between Etherisc, a decentralized insurance protocol, and ACRE Africa, a microinsurance exporter operating in the second most populous continent on the planet.

According to Chainlink, the project aims to create a blockchain-based insurance platform that will provide affordable coverage to 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 with installments from 50 cents in local currency.

The grant money will be used to finance many aspects of the project, such as developing smart contracts, creating a user-friendly interface for interacting with farmers, integrating with local payment systems and many other technical development tools.

In addition, part of this grant will fund research related to the economics of crop insurance in several African countries to identify sustainable insurance models for both insurance companies and farmers.

“We are delighted to be able to advance our work with farmers in East Africa by receiving support through the Chainlink community grant to help create and implement a more reliable and cost-effective crop insurance model in partnership with Etherisc,” said ACRE Africa CEO George Correa. …

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.

Source: CoinTelegraph