Lemonade, an insurance company, based in New York, has collaborated with famous blockchain companies in order to form the Lemonade Crypto Climate Coalition (L3C), which is a DAO (decentralized autonomous organization) that will help in protecting the farmers by providing them blockchain-based insurance.
Lemonade Inc. has founded Lemonade Foundation, which is a non-profit organization it aims to bring social as well as environmental change with the help of blockchain-enabled technologies. The non-profit foundation will work alongside companies like Avalance, Chainlink, Etherisc, DAOstack, Pula, Hannover Re and Tomorrow.io.
This climate insurance will take the form of a DApp or decentralized application on the platform of Avalance. The app will also make sure that the farmers can pay and receive payments using any crypto coins and their local currencies. As stated in the announcement, this DApp will be launched in Africa within this year.
The director of the Lemonade Foundation, Daniel Schreiber, has said that the aim of this foundation is to create technologies that are universally impactful. With the help of this DApp, the company is expecting to bring together communal harmony and decentralized aspect of web3 using real-time weather information and data while delivering an affordable and instantaneous climate exchange policy to those in need.
With this move, the company is expecting to impact around 300 million farmers in the African sub-continent. According to co-founder of Pula, Rose Goslinga, the maximum number of farmers come across climate change that directly impacts their livelihood, and traditional insurance is of no help to the people who face these kinds of tough conditions. She further stated that the on-chain solution could bring better and scalable solutions for the region.
