Drought spells disaster for many farmers in the developing world as most lack crop insurance. No rain means no income, no food and not enough resources to replant the next year.
Now, however, more than 20,000 farms in Ghana, Kenya and Uganda have access to simple and affordable crop insurance via their smartphones. The policies or “smart contracts” currently under development are based on blockchain, the distributed ledger technology that underpins cryptocurrencies like bitcoin. This avoids the need for paperwork and means payouts can be triggered automatically when certain conditions are met, such as a specific number of days of drought. The system uses high-resolution satellite images to detect rainfall and plant growth data.
https://www.ft.com/content/3a8c7746-d886-11e8-aa22-36538487e3d0
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