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Blockchain

Lemonade to Offer Blockchain-Powered Climate Insurance for Farmers in Emerging Markets

Lemonade, a prime American insurance coverage firm, has revealed the formation of the Lemonade Crypto Climate Coalition meant to provide blockchain-enabled local weather insurance coverage to essentially the most weak farmers throughout the globe.

Through its nonprofit group dubbed the Lemonade Foundation, Lemonade has partnered with different corporations like Chainlink, Avalanche, DAOstack, Hannover Re, Tomorrow.io, Pula, and Etherisc as founding coalition members.

Based on the Lemonade Foundation’s goal of rendering environmental and social change via expertise, the coalition is being established as a Decentralized Autonomous Organization (DAO) to create and distribute parametric and instantaneous climate insurance coverage to livestock keepers and subsistence farmers in rising markets. 

The local weather insurance coverage might be developed on Avalanche’s proof of stake (PoS) as a stablecoin-denominated decentralized software (dapp). 

With the preliminary rollout anticipated in Africa this yr, farmers could have the power to make and obtain funds utilizing native currencies or stablecoins. 

Daniel Schreiber, a director on the Lemonade Foundation, welcomed the collaboration and acknowledged:

“By using a DAO instead of a traditional insurance company, smart contracts instead of insurance policies, and oracles instead of claims professionals, we expect to harness the communal and decentralized aspects of web3 and real-time weather data to deliver affordable and instantaneous climate insurance to the people who need it most.”

With Africa having practically 300 million smallholder farmers who face actual local weather dangers, Rose Goslinga believes blockchain-powered local weather insurance coverage will come in helpful in safeguarding their livelihoods.

The co-founder of Kenya-based insurtech Pula added:

“This is where the power of the Lemonade Crypto Climate Coalition comes in: An on-chain solution that can be immediately impactful at scale will allow farmers to finally get financially protected against the increasingly frequent risks such as drought.”

Blockchain is rising as one of many sought-after applied sciences for tackling local weather change. For occasion, Samsung Electronics introduced plans to make the most of blockchain in a climate-focused reafforestation program in Madagascar earlier this yr. 

Image supply: Shutterstock

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