There’s a couple of things I’ve been wondering and would love to hear what you guys think
"Conventional crop insurance is too expensive for more than 500 MILLION small farmers worldwide. " - Christopher Sheehan, founder and chief executive of US-based WorldCover
This is what the Etherisc team are trying to tackle. The automation of this process, which will reduce operating cost, AND make the product available to orders of magnitude more people at a lower cost with math-based guarantees, is a noble proposition that could potentiallyisrup that industry.
A question arouse,: how can you prevent people from “gambling” on the weather? Take someone who is not farming that goes and buys insurance that will trigger when certain temperatures or a certain amount of rainfall is reached. I read somewhere that there is a kind of chip on certain bags of seeds that will activate when opened, sending their geolocation to the smart contact, thus activating it. What if the person just buys that bag of seeds to open it and gamble on the weather? And how could one prevent non-farmers from doing that? And in any case, should you?
I’m sorry if this is to basic a question. I’m just doing my feet on Thurs industry and I’m certain this protocol can bring much benefit and protection where it is most needed. A penny for your thoughts.