We are very happy to announce that the Ethereum Foundation has decided to support our project aimed at providing crop insurance to smallholder farmers based on blockchain technology in cooperation with ACRE Africa. Etherisc received a grant from the Ethereum Foundation Ecosystem Support Program, which exists to provide both financial and non-financial support to projects and entities within the greater Ethereum community, in order to accelerate the growth of the ecosystem.
As announced in our blog post on November 14th 2020, Etherisc was able to start with the development of innovative parametric crop insurance built on top of our “Generic Insurance Framework” (GIF) with ACRE Africa thanks to the financial and technical support from Chainlink.
The grant from the Ethereum Foundation is a crucial element to complete the financing for the first phase of the project in Kenya.
Opportunities in emerging markets
The Ethereum Foundation’s Executive Director, Aya Miyaguchi, highlighted the potential of blockchain technology in the area of inclusive finance when discussing the project cooperation during her keynote speech at EthOnline this October. The Ethereum Foundation is seeing opportunities in emerging markets as an important part of their scaling strategy to reach the next billion users. The use case we are building with ACRE Africa can make a valuable contribution to these goals.
We are delighted to have this unique opportunity to cooperate with some of the most impactful players in the blockchain and the inclusive insurance space. We are convinced that together we will deliver sustainable solutions that help protect the livelihoods of up to 250k farmers in Kenya, against the effects of climate change over the next three years.
About the contributors
ACRE Africa is an innovative end-to-end insurtech company, pioneering agri-insurance to smallholder farmers in Sub-Saharan Africa. ACRE Africa is a registered insurance service intermediary, specialized in agriculture insurance research, product design and distribution. ACRE targets smallholder farmers who are vulnerable to emergent climate change issues and have limited access to agri-insurance products.
The Ethereum Foundation (EF) is a non-profit organization dedicated to supporting Ethereum and related technologies. As part of a large community of organizations, individuals, and companies that support the network, our mission is to do what only we can to help ensure success for Ethereum in the long-term. The Foundation’s role is to allocate resources to critical projects, to be a valued voice within the Ethereum ecosystem, and to advocate for Ethereum to the outside world.
Chainlink connects smart contracts on any blockchain to data providers, web APIs, enterprise systems, cloud services, IoT devices, payment systems, other blockchains, and much more.