Chainlink, DAOstack, Lemonade, Etherisc, Hannover Re, and Pula are collaborating to build accurate, fully automated crop insurance models.

The initiative was announced in March 2022 and initially funded primarily by The Lemonade Foundation, the nonprofit founded by digital insurance company Lemonade to effect exponential social and environmental impact through technology.

Roy and his team developed a program using Avalanche and on-chain infrastructure to solve a problem in Kenya, where only 3% of people have insurance. Roy said. “Farmers basically bear the risk alone. With blockchain, we can provide a platform to help pool that risk, and the right tool to do that is insurance.”

The Lemonade Crypto Climate Coalition offers policies at-cost and with the speed, reliability, and low fees of Avalanche, making small-but-mighty policies possible.

Chainlink oracles send data on-chain to the application’s smart contracts, prompting instant payouts. Avalanche stablecoins hold policy funds. Chainlink oracles send data on-chain to the application’s smart contracts, prompting instant payouts. Avalanche stablecoins hold policy funds.

         Roy Confino spearheads the Lemonade Crypto Climate Coalition’s Kenya project

Roy notes that the coalition deployed on Avalanche for three reasons. Ava Labs purchases carbon credits to offset Avalanche’s minimal carbon footprint.

Second, Avalanche consistently achieves low transaction fees, a necessity for small policies. Third, Avalanche is compatible with existing infrastructure, making it familiar to builders.

About Lemonade

The Lemonade Foundation is a nonprofit founded by Daniel Schreiber and Shai Wininger and funded by Lemonade shareholders prior to the IPO. It is independent and not owned or controlled by Lemonade, Inc. or its shareholders. Lemonade’s founders currently serve as directors in the foundation.

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About Avalanche

Avalanche network is the blockchain industry’s quickest smart contracts platform digital asset. Avalanche is blazingly fast, low cost, echo-friendly Any smart contract-enabled application can outperform its competition by deploying on Avalanche.

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SOURCE: https://medium.com/avalancheavax/builder-spotlight-the-lemonade-foundation-and-insuring-smallholder-farmers-with-avalanche-78d45ff5a37a

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