“The autonomous nature of blockchain insurance also improves the consumer experience, eliminating the need for the farmer to contact the insurance provider to make a claim, which can be an intimidating process. More unique than that, however, is the transparency of the blockchain ledger.

This aspect of the technology enables trust and empowers smallholder farmers by giving them access to information like weather data. Because farmers can actively check on weather data themselves, they can take a more active approach to manage their risk. In addition, smart contracts can reduce policy costs and timelines much more drastically than traditional technology in the space: The Climate Finance Lab estimated that blockchain technology could reduce the cost of issuing a policy by 41% and the corresponding premium cost by 30% while reducing payout times from three months down to just one week.”