Chainlink announced this Friday, March 11, through its Twitter account, that together with Etherisc they are launching a joint grant program to support the development and accelerate the adoption of blockchain-based parametric insurance solutions.
“We are pleased to announce that Chainlink and Etherisc are launching a joint grant program to support the development and accelerate the adoption of data-driven decentralized insurance products. The program is focused on supporting projects that create sustainable blockchain-based parametric insurance products built on the Etherisc Generic Insurance Framework (GIF), increasing access to reliable and affordable decentralized insurance policies”, he said via of an article published on your website.
The company explained that Etherisc is a protocol for decentralized insurance applications. Etherisc uses blockchain technology and hybrid smart contracts to make buying and selling insurance more efficient, reducing operational costs and bringing greater transparency to the insurance process. Products enabled by Etherisc include Crop Insurance, Flight Delay Insurance, Hurricane Protection, Social Security, and more.
In his opinion, this grant initiative follows several other collaborations between Chainlink and Etherisc. Etherisc is using Chainlink Data Feeds in its blockchain-based flight insurance product, FlightDelay, and previously received a community grant from Chainlink in conjunction with ACRE Africa for the creation of a blockchain-based parametric crop insurance solution that it has already incorporated into 22,000 farmers in Kenya who are receiving coverage for weather-related risks.
Apply for a joint grant from Chainlink and Etherisc
According to the company, the Chainlink-Etherisc joint grant will focus on innovative solutions in the parametric insurance space and the infrastructure and tools required to support them.
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Similarly, he indicated that the joint grant program focuses specifically on proposals that cover these areas:
• Basic development: research work, specification and implementation of basic protocols.
• Developer tools and libraries: Developer tools and libraries for both core protocol developers and application creators.
• “DeFi for good” use cases: Applications such as crop insurance, hurricane insurance, flood insurance, fire insurance, and other insurance products that have the potential to create positive social impact.
• Integration and Adoption: Proposals that support the growth of Chainlink, Etherisc, and related technologies through integration into existing applications or projects with significant usage.
• Insurance for Underserved Regions: Decentralized insurance products that are specifically designed to reach underserved populations and demographics.
• Data sources and tools: Proposals that help provide a statistical database for DeFi insurance products, eg trusted computing on large data sets.
• Technical design: proposals that seek to improve the technical design of the Chainlink and Etherisc protocol.
The firm detailed that through the combination of Chainlink’s oracle networks and Etherisc’s generic insurance framework (GIF), blockchain-based insurance has the potential to unlock a great deal of value across a variety of sectors, provide efficiencies and transparency to create a level playing field for all stakeholders. and redefining the insurance landscape through data-driven and permissionless insurance products.