Lemonade Insurance has teamed up with major blockchain companies to launch the Lemonade Crypto Climate Coalition (L3C) decentralised autonomous organisation (DAO) to safeguard farmers from climate change via blockchain-based insurance.
The insurance company founded the Lemonade Foundation, a non-profit firm focused on bringing about social and environmental change via the use of blockchain-enabled technology. The foundation will collaborate closely with L3C members such as Chainlink, Avalance, DAOstack, Etherisc, Hannover Re, Pula, and Tomorrow.io.
Climate insurance will be delivered as a decentralised application (DApp) using the Avalanche platform. Farmers will also be able to make and receive payments using cryptocurrency or their local currency using the DApp. According to the release, the DApp will be available in Africa in 2022.
According to Daniel Schreiber, head of the Lemonade Charity, the foundation was founded to produce exponentially significant technologies.
The move is anticipated to have a significant effect on Africa’s 300 million farmers. According to Rose Goslinga, co-founder of Pula, a Kenyan insurance tech business, “the majority face significant climate risks to their livelihoods, since conventional, indemnity-based insurance is often costly or inaccessible to them.” According to Goslinga, an on-chain solution will have a significant beneficial influence on the area.
Chainlink, a founding member of L3C, intends to donate its people and technology to the cause as well. “We want to make the Chainlink team and platform accessible to L3C in an attempt to safeguard the millions of farmers who rely on what they cultivate from the ravages of climate change,” said Chainlink co-founder Sergey Nazarov.
According to data provided by the KuCoin exchange, crypto transactions based on region increased significantly in 2021. As a result, the area accounts for around 2.8 percent of the world’s trade volume.
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