Etherisc, in partnership with ACRE Africa, has equipped over 250,000 Kenyan farmers with a blockchain-based crop insurance solution, revolutionizing the traditional process and providing transparency and efficiency.
Blockchain technology comes with several use cases. From Real Estate to health care, to logistics, to personal identity security and governments leveraging the disrupting technology.
Farmers in Kenya are not left out either. They can now insure their crops using blockchain technology, thanks to a partnership between Etherisc and ACRE Africa.
The new solution, which is based on the Ethereum blockchain, allows farmers to purchase insurance for their crops in a quick and efficient manner, without the need for intermediaries.
Revolutionizing crop insurance for Kenyan farmers
Crop insurance in Kenya has been a slow and cumbersome process for a good period of time. The farmers often have to go through intermediaries to purchase coverage. This can be a time-consuming and costly process, which deterred many farmers from insuring their crops.
With the new blockchain-based solution, however, farmers can purchase insurance directly, without the need for intermediaries. A solution that not only speeds up the process but also reduces costs for farmers.
Etherisc came in and filled the gap. The company created an app that leverages blockchain technology to disrupt the dynamics of crop insurance. Farmers in turn use the app to protect their produce from risks related to weather and climate before they plant.
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Decentralization and Transparency are key
The new crop insurance solution is based on a decentralized platform. Meaning all transactions are recorded on a public blockchain. This makes the process transparent and tamper-proof, which is important for farmers who need assurance that their insurance claims will be handled fairly.
Additionally, the use of blockchain technology enables farmers to access their insurance policies and claims in real time. A significant improvement over traditional crop insurance methods.
With all the underlying benefits Etherisc now harbors over 17,000 smallholder farmers from over 17 regions in Kenya. 58% of the users reported improved onboarding, communication and access to information about their insurance policy.
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Empowering farmers with blockchain technology
The agriculture sector is the backbone of many economies not only in Kenya but also Africa at large. Therefore maintaining and improving the efficiency of farmers within the continent is a vital aspect for African governments and organisations.
The partnership between Etherisc and ACRE Africa is a significant step forward in using blockchain technology to empower farmers. By giving them access to quick and efficient crop insurance, farmers are better able to protect their livelihoods and invest in the future.
This is a great example of how blockchain technology impacts livelihoods. It is expected other countries in Africa and beyond will adapt and improve the livelihood of the farmers through this solution.
The partnership between Etherisc and ACRE Africa is a promising step towards using blockchain technology to create a more equitable and efficient agricultural industry.
Other collaborators to the project include The Chainlink Community Gant, the Ethereum Foundation, the Decentralized Insurance Foundation, and Mercy Corps AfriFin. These partners saw the potential in this new faring app in Kenya and aided in funding the project.
