Etherisc has provided 7,000 Kenyan farmers with parametric crop protection as part of the Lemonade Crypto Climate Coalition. This initiative is led by the Lemonade Foundation and utilizes Chainlink on the Avalanche blockchain. The use of Etherisc’s smart contract platform enabled the coalition to provide fast payouts without filing claims or involving human adjusters, reducing costs and processing times.
Streamlining the Claims Process
The use of Etherisc’s smart contracts platform significantly streamlined and simplified the claims process, enabling payments to farmers within weeks at the end of the season. Data from local yield samples, taken by local partner Pula, were triangulated with meteorological data and fed into the smart contract using industry-standard Chainlink oracles. The use of parametric solutions gave farmers full transparency on the level of payout they would receive based on verified and triangulated yield data.
The Next Phase
The next phase of the Lemonade Crypto Climate Coalition project will focus on the upcoming growing season in Kenya in April, with plans to scale the program throughout the region and expand to support tens of thousands more subsistence farmers facing real climate risks to their livelihoods. Etherisc also continues to work with Acre Africa, where they have already insured 25,000 farmers.
Revolutionizing Insurance
Etherisc revolutionizes insurance by harnessing the power of blockchain technology to make insurance cheaper, faster, more transparent, and accessible while unlocking new investment opportunities. Etherisc’s open-source common infrastructure, product templates, and insurance license-as-a-service enable the seamless and efficient creation of fully automated insurance products with increased transparency and fairness for all parties.
Conclusion
The Lemonade Crypto Climate Coalition project shows the significant opportunities for blockchain-based parametric insurance platforms in protecting the livelihoods of smallholder farmers vulnerable to the devastating effects of climate change. The use of Etherisc’s smart contracts platform has significantly streamlined and simplified the claims process, resulting in faster payouts to farmers. The next phase of the project aims to scale the program throughout the region and support tens of thousands more subsistence farmers facing real climate risks to their livelihoods.
About Etherisc
Etherisc revolutionizes insurance. By harnessing the power of blockchain technology, Etherisc innovates to make insurance cheaper, faster, more transparent and accessible while unlocking new investment opportunities. On Etherisc’s Generic Insurance Framework (GIF), external parties can build decentralized insurance projects. Its open-source common infrastructure, product templates, and insurance license-as-a-service enable the seamless and efficient creation of fully automated insurance products with increased transparency and fairness for all parties.
About Chainlink
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
