Home Bisnis Chainlink to Provide Data for Farming Insurance Startup Arbol – CoinDesk –...

Chainlink to Provide Data for Farming Insurance Startup Arbol – CoinDesk – CoinDesk


Data provider Chainlink will provide decentralized weather data for insurance startup Arbol, according to a blog shared with CoinDesk.

Arbol provides crop insurance for small to medium-sized farmers or enterprises. Smart contracts pay claims to subscribers when a preset value – such as the average monthly temperature or rainfall – turns out different than the contract specifies, the firm said.

Called parametric insurance, the financial derivative is often used in agriculture to hedge against future events, such as a bad harvest. Other firms, notably CME Group, also offer weather derivatives that require middlemen.

Arbol insurance, on the other hand, self-executes using a mix of smart contracts and Chainlink data – no holdups on payments.

“Users are able to create derivatives on the blockchain that pay out based on weather outcomes. This allows weather-exposed entities like farmers to hedge their weather risk,” Arbol said in the blog.

The startup launched out of stealth in April after raising $2 million in a 2019 seed round, according to Crunchbase.

Chainlink pipes data from the National Oceanic and Atmospheric Administration (NOAA) and other sources, the blog states.

Read More: https://www.coindesk.com/chainlink-to-provide-data-for-farming-insurance-startup-arbol

This News From Feed news.google title “Chainlink to Provide Data for Farming Insurance Startup Arbol – CoinDesk – CoinDesk”

Source: https://www.coindesk.com/chainlink-to-provide-data-for-farming-insurance-startup-arbol

geico insurance,instant auto insurance quote,get auto insurance online,purchase auto insurance online,auto insurance quotes online,farmers insurance,farm insurance,a car insurance