Oxfam’s Blockchain-Based Agricultural Insurance Pays Farmers in Sri Lanka
Joeri Cant's original article for cointelegraph.com reduced by 41%
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.
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. 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 suitability for aid in regions suffering from natural disasters. 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..
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