The United Kingdom-based charity organization Oxfam International announced the success of its blockchain-based delivery system of microinsurance to paddy field farmers in Sri Lanka.
In a Nov. 4 press release, Etherisc announced that Oxfam’s blockchain-based insurance system had made pay-outs to Sri Lankan farmers who continue to risk losing their crops due to extreme weather events. Blockchain reduces costs and increases pay-outs Oxfam in Sri Lanka, together with its partners Etherisc and Aon plc, will now continue to seek solutions to some of the challenges that will present themselves as the new cropping season starts in the month of November. In the past, issues such as lack of affordable and reliable insurance products, a lack of understanding about how insurance would help a farmer survive, and when and how a claim would be paid, have always acted as major barriers that prevented farmers from utilizing insurance. However, the use of blockchain technology can transform and simplify the insurance claims process, which results in reduced administration costs and a higher percentage of premiums being used for fully trusted pay-outs. Chief inclusive officer at Etherisc Michiel Berende said: “We are proud to have real-world, on-the-ground success from a blockchain solution for microinsurance [...] We are delighted with the first phase results and we are excited to drive on and help more farmers.” Oxfam continues to use stablecoins to distribute aid In June, Oxfam partnered with Australian tech startup Sempo and blockchain company ConsenSys to test stablecoin Dai’s (DAI) suitability for aid in regions suffering from natural disasters. With the support of the Australian government, a philanthropic initiative was launched and dubbed UnBlocked Cash. Oxfam and Sempo reportedly chose the world’s most natural disaster-prone country, Vanuatu, to test the system. In September, Oxfam initiated the pilot program’s second phase to further distribute disaster relief. Joshua Hallwright, Oxfam Australia’s humanitarian lead, told Cointelegraph in June that it was “highly likely that Oxfam will use stablecoins or other distributed ledger technologies to provide cash aid in disaster responses in the future, either in Vanuatu or elsewhere.” Source - https://cointelegraph.com
ScaleAgData Stakeholder Engagement Event
22.10.2024The ScaleAgData project is pleased to invite you to our second stakeholder event. Building on the discussions and connections formed during our first webinar, this event will focus on fostering collaboration among stakeholders, providing updates on our project’s progress, and outlining future opportunities for engagement.
Bulgaria's Kyustendil cherry crop severely affected by frost for second consecutive year
Frosts have caused critical damage to cherry orchards in the Kyustendil region of Bulgaria for the second consecutive spring, with producers reporting near-total crop losses.
Vietnam - MoF moves to expand farm insurance support and eligibility
The Ministry of Finance has proposed sharply increasing agricultural insurance premium subsidies to up to 95 per cent and widening the pool of eligible beneficiaries to better share risks with producers, stabilise farm incomes, and strengthen climate resilience.
Bangladesh - One lakh hectares of rice fields go underwater in haor regions
What should have been a vibrant harvest season in the country’s haor belt across seven districts has instead turned into widespread devastation.
Philippines - P150-M insurance buffer vs El Niño but PCIC limits coverage to irrigated farms
The Philippine Crop Insurance Corporation (PCIC) in Western Visayas has set aside P150 million in drought insurance as El Niño conditions intensify, with officials warning that the region is already nearing “critical” risk levels that could threaten thousands of farmers in the coming cropping season.
Indian banana crops damaged across 809 hectares in Tamil Nadu
Strong winds and heavy rainfall in parts of Tamil Nadu have damaged banana crops across districts, including Theni, Dindigul, Coimbatore, and Salem.
Poland reports up to 100% fruit crop losses after late April frosts
Fruit growers in Poland are assessing losses after late April frosts damaged crops across multiple regions, with eastern areas most affected and stone fruit production under pressure.
Vietnam - Aid for agricultural insurance premiums proposed to rise
The Ministry of Finance has proposed increasing support for agricultural insurance premiums and expanding eligible beneficiaries in a move aimed at encouraging greater participation by farmers and agricultural organisations.
USA - MDARD Awards Over $3.2 Million Through Resilient Food Systems Infrastructure Grant Program
The Michigan Department of Agriculture and Rural Development (MDARD) today announced more than $3.2 million of grants to 10 Michigan entities through the U.S. Department of Agriculture’s (USDA) Resilient Food Systems Infrastructure (RFSI) Grant Program.
