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Chainlink Awards Grant to Support ACRE Africa & Etherisc Joint Venture

The Chainlink Community Grant Program provides financial resources to the many development teams and researchers building a more functional and accessible Chainlink Network. We encourage talented individual developers and development teams to apply to the grant program here, or if you are a researcher and want to collaborate, contact us.

We are glad to announce that a collaboration formed between Etherisc and ACRE Africa, an agricultural microinsurance provider for smallholder farmers across East Africa, has been selected for support by the Chainlink Community Grant Program. The Chainlink grant will aid their joint effort towards building a decentralized insurance protocol able to deliver sustainable, blockchain-based parametric crop insurance solutions that help protect up to 250,000 smallholder farmers in Kenya against the effects of climate change over the next three years. The initiative aims to increase accessibility to reliable and affordable crop insurance policies, with a goal of allowing insurance premiums to be paid by farmers in small installments as low as 50 cents.

In Sub-Saharan Africa, only 3% of smallholder farmers use agricultural insurance coverage to protect their families' livelihoods against climate change. Some of the main drivers leading to poor insurance coverage include: high costs by traditional insurance providers, unreliable or absent payouts, and a lack of transparency when it comes to the data used to determine claims. This lack of trust in traditional crop insurance coverage results in no protection for a vast majority of African farmers; one bad growing season can financially devastate them.

ACRE Africa is working with Etherisc to bring more fair, accessible, and economically viable insurance products to East African farmers. Their solution is Ethereum-based parametric smart contracts that execute policy payouts based directly on data indexed to local weather parameters. This data is source...

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