Sri Lankan Farmers To Be Insured Via Blockchain
Oxfam, an international charitable non-profit organization which strived to end poverty issues worldwide, plans to provide a microinsurance based on blockchain to farmers who grow rice in Sri Lanka in collaboration with startup Etherisc, CoinDesk reports. Both organizations announced their partnership at the conference Blockchain for Social Good held in London.
Microinsurance is applicable to people who don’t have high incomes. With the help of the Ethereum-based blockchain it will be possible to more accurately calculate the costs in case of any risks, such as unfavorable weather conditions affecting output yield.
The Etherisc blockchain solution is implemented in terms of an existing weather insurance index, which Oxfam uses in Sri Lanka, Michiel Berende, a representative of the startup, informed. The Etherisc specialists use the existing channels of Oxfam and monitor how blockchain can reduce costs, increase efficiency, and facilitate farmers’ access to the product.
The non-profit organization has been operating in the country for several years, creating a solid foundation for supporting farmers. The Etherisc blockchain solution will prove to be a great help for insuring agricultural workers, Bojan Kolundzija, director of the Oxfam branch in Sri Lanka, stated.
Etherisc and Oxfam are cooperating with another world-famous insurance company, but they aren’t ready to reveal the name of it yet.
As previously reported, blockchain technology will help create “smart money” for disability insurance in Australia.