“I've seen for myself how important agriculture is both for people as well as for our economy at a national level,” founder KennedyWNganga says of blockchain eco-data oracle and MRV tool shambanetwork. egreechee reports for ProjectsToWatch2023:
. While financial tools to address and mitigate the effects of climate change exist, they remain out of reach to some of the poorest populations in the world, which are the hardest hit.
“I've seen for myself how important agriculture is both for people as well as for our economy at a national level, and I think there's still a lot of things that can be done to improve it.” Shamba’s first priority is to promote sustainable agriculture that will not deplete farmers’ land – and therefore, their livelihoods. Second, Shamba is using blockchain to give farmers access to emerging financial paradigms like climate insurance and carbon markets.
If, for example, there is a drought on a farmer’s land, satellite data will show a lack of precipitation. The oracle will feed this information to the blockchain, triggering a smart contract so that climate insurance can be automatically paid out to them. This can lower the cost of climate insurance by as much as 40%, Ng’ang’a said.and Diva Protocol to insure 150 cattle herders in northern Kenya.
Shamba’s success, to a large extent, relies on a wider ecosystem of Web 3 climate solutions. The project is part of a host of such projects: Web 3 climate data aggregator dClimate, nature credits marketplace Regen Network and forestation protection Open Forest Protocol. Together they are building the ecosystem in which projects like Ng’ang’a’s can flourish.
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