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

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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

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

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