Farmers can Hedge Weather Risk Using Blockchain Platform August 21, 2020 August 21, 2020
Chainlink data oracles are being integrated by Arbol platform, which facilitates farmers to offset risks related to weather. Siddhartha Jha, CEO of Arbol, has highlighted the use of blockchain technology to resolve an issue that impacts billions of individuals across the world.
“It’s crazy that so much of the world’s livelihood, it’s about two to three billion people, they estimate, is affected by weather day to day.”
Weather unpredictability impacts farmers the most. Many lose their livelihood due to extreme weather conditions and may end up starving without food. Even though farmer insurance provides relief and has been around for decades, as per Jha, it is not easily accessible for a majority of farmers.
“If you had less than two hundred thousand dollars in premium to spend, you actually had no real access.”
Jha has pointed out that Arbol makes offers easy access while making hedging cost effective. The use of blockchain ensures instantaneous settlements and payouts, which is impossible in a centralized world where farmers have to…
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