Ripple has successfully applied Blockchain technology and stablecoin RLUSD to insure drought for the livestock community in Kenya, helping to mitigate disaster risks and promote gender equality.
The Diva campaign in collaboration with Ripple has protected 517 farmers, 70% of whom are women, through the use of satellite data and stablecoin, opening up the application of DeFi for disaster prevention in vulnerable areas.
MAIN CONTENT
Blockchain technology and stablecoins effectively support drought insurance for the livestock community in Kenya.
Satellite data helps accurately assess vegetation conditions, minimizing risks and adjusting compensation quickly.
The campaign contributes to enhancing gender equality, with 70% of insured individuals being women.
How has Ripple implemented drought insurance in Kenya?
The Diva campaign, in collaboration with Ripple, first introduced drought insurance for the livestock community in the Laikipia North area of Kenya, using RLUSD stablecoin on the Ethereum platform. This initiative has successfully insured 517 farmers, 70% of whom are women, to provide timely financial support before the drought season.
Ripple announced on social network X that the pilot program successfully concluded, with no compensation payments due to favorable vegetation conditions throughout the insurance period.
"The Blockchain-based drought insurance program in Kenya has protected 517 farmers (70% are women) using RLUSD stablecoin. Satellite data shows stable vegetation growth, thus no payments were triggered."
Brad Garlinghouse, CEO of Ripple, June 2024
What are the benefits of satellite data in drought insurance in Kenya?
Satellite data is used to monitor vegetation health in livestock areas, providing objective indices that serve as the basis for assessing disaster damage. This aids in quickly and transparently calculating and deciding on insurance payments, avoiding disputes and complex procedures.
Thus, Ripple and the Diva Campaign have contributed to increasing financial resilience for livestock farmers who are vulnerable to climate change, while also motivating them to invest and maintain sustainable livelihoods.
Positive impacts on the livestock community and gender
The program recorded that 70% of insured individuals are women, reflecting a focus on gender equality in financial solutions. The insurance also helps protect livestock and income, reducing the risk of poverty after natural disasters.
How does Blockchain technology help the community respond to natural disasters?
Blockchain enables the development of transparent, automated insurance solutions through smart contracts, reducing paperwork and speeding up compensation payments when risk events occur.
This insurance has utilized RLUSD stablecoin as a means of fast, secure, and borderless transactions, suitable for areas lacking traditional banking services.
"The application of Blockchain in insurance not only enhances risk management efficiency but also promotes financial inclusion for vulnerable communities, especially in remote areas."
Dr. Alice Mwangi, DeFi Expert, University of Nairobi, 2024
What is the drought insurance information for the next season in Kenya?
For the high-risk drought season from October to December 2025, 517 livestock farmers are still insured with unused RLUSD stablecoin, ready for emergencies.
This demonstrates the sustainability of the digital insurance model, utilizing cryptocurrency technology and satellite data, making it easier for the community to access financial protection against natural disasters.
Frequently Asked Questions
What is drought insurance using RLUSD stablecoin? This is digital insurance using RLUSD stablecoin on the Blockchain platform to transfer compensation quickly and transparently to farmers affected by drought. Why are 70% of insured individuals women? The campaign prioritizes gender equality, supporting women as a vulnerable group in the livestock community affected by natural disasters. What role does satellite data play in insurance? Satellite data provides objective information about vegetation status, serving as a basis for determining whether to trigger insurance payments. How does Blockchain technology make drought insurance effective? Blockchain optimizes the insurance contract processing through smart contracts, reducing procedures, increasing transparency, and timeliness in payments. How to participate in drought insurance in the future? Farmers can participate through cooperative campaigns with Blockchain and stablecoin platforms via local organizations or DeFi programs.
Source: https://tintucbitcoin.com/ripple-rlusd-thu-nghiem-giup-nong-dan-kenya/
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