A pilot program is now providing crop insurance to over 10,000 farmers in Kenya, powered by Ethereum and Chainlink

A pilot program is now providing crop insurance to over 10,000 farmers in Kenya, powered by Ethereum and Chainlink

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  1. tldr; FinX has launched its second pilot in collaboration with ACRE Africa, Etherisc, Mercy Corps AgriFin, and APA Insurance to test smart contract-based weather index insurance with over 10,000+ smallholder farmers in Kenya. In an extreme weather event, the policies are automatically triggered, facilitating fair, transparent, and timely payouts.{}

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. >To date, ACRE’s 300 village agents have registered over 12,900 clients for the updated insurance product, already surpassing the goal of reaching at least 10,000 farmers by the end of May.

    This is called determination to change the lives of people who deserve much better.

  3. Wow, a crypto project with actual, immediate, tangible benefits for Africa (looking askance at you, Cardano).

    Edit: I want the Cardano / Africa project to someday see success. I just think it might be a little bit over-hyped. My above comment is not meant to disparage the desire to help Africa–only to vent some of my disdain for the way that some Cardano folks exploit it.

  4. If you want to hear more about crypto helping people in Africa (specifically with crop insurance) listen to this podcast episode with one of the co-founders of Chainlink:

    It really was my “Aha!” Moment in regards to DeFi and Crypto’s ability to change the world for the better. Since then I have been fascinated with DeFi and am trying to find as many ways in which I can help get this technology into the hands of the people who can benefit from it the most.

  5. This is bettering the quality of life. Especially for developing and emerging countries, they’ll be able to have access to healthcare, food, electricity, and clean water.. this is why I believe in these crypto projects

  6. The Lex Friedman podcast, episode 181, is with the chainlink ceo and he talked about this crop insurance and their other potential projects in a fair bit of detail! Well worth a listen if you have a few hours to spare.

  7. Nice to hear people in need actually benefit from the use of blockchain tech …

    Not surprisingly, the top comments are somewhat – Cardano – focused … what’s the catch? Is it bad (a problem) that many projects end up helping people in need or ?

    edit – this sub is doomed:)) … how can such a news be – a Cardano Issue? –

  8. The most successful crypto projects will be piloted in Africa. Hopefully we remember this and view them as innovators and early adopters instead of however people view the continent now.

  9. > One of the biggest challenges that has hindered the uptake of microinsurance, including agricultural insurance, is trust”. Nearly 45% of 241 surveyed farmers in a 2020 study reported they were dissatisfied with ACRE Africa — top reasons for their dissatisfaction included: lack of communication around claim status, not receiving payouts despite facing weather shocks, and lack of company follow-up after registering for the service

    To me that sounds like the issue the farmers are facing is not what payment method they use but how the companies operate. Switching to cryptocurrencies won’t make claims process go any faster. Insurance company refusing to send you ETH is the same as insurance company refuse to send you USD

  10. Glad to see Crypto in Kenya! I’m from Kenya and love the development that’s improved the country. I pray for increased political stability and decreased corruption.

  11. Lol so the meme of the kenyan farmer paying 500 dollars for a smart contract and another 50 dollars on link to ensure the 300 of crops hes growing is becoming reality

  12. Meanwhile, that Akon future city thing is being developed on the Stellar blockchain. +1 for ETH, +1 for Stellar. I guess Cardano can have a participation trophy for all their Africa hype.

  13. >FinX aspires to learn:

    >Can ACRE Africa automate insurance payouts using smart contract insurance and minimize operational overhead, providing greater client savings?

    > Can blockchain-based insurance contracts increase trust by providing transparency to clients?

    > Can faster payouts and mid-season payouts improve farmer resilience to weather shocks?

    Trust&saving money. Hopefully the answer is yes on all these question at the end of the pilot.

  14. So… this is still relying on someone assessing the weather and determining if it’s extreme or not, right? The smart contracts can’t do that.

    You could still get scammed or completely fucked by whoever runs the smart contracts deciding actually the weather wasn’t extreme enough to qualify…

    I also note that it’s using mpesa for payments and the monetary side of things, so not exactly a win for crypto in that regard.

  15. Important to note:

    From the perspective of the farmer, these insurance offerings look the same as any other insurance offered through M-Pesa. The blockchain is used as the technological foundation on the insurers’ side here

    Does it tell you something about adoption of blockchain in InsurTech and FinTech in Kenya? -> potentially

    Does it tell you something about adoption of blockchain or crypto among consumers and SME in Kenya? -> absolutely not

    If you want to claim that the adoption of blockchain here is helpful to farmers, you first need to compare these insurances to the M-Pesa-based competition. The article gives no information on who gets to pocket any potential cost savings from using blockchain here. I don’t know how competitive the market for small farmer insurances is in Kenya at the moment, if anyone has some data, please share!

    (btw, rolling out blockchain behind M-Pesa in the beginning is positive in my opinion…M-Pesa is massive in Kenya and much better suited to be used at PoS than crypto due to it being SMS-based and thus usable with feature phones)

What do you think?

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