A Design for Decentralized Insurance on the Blockchain

Imagine you are a smallholder paddy field farmer. Your crops are vulnerable to natural disasters such as floods or droughts, even more so in the face of climate change. Since your entire existence depends on the integrity of your crops, you would like to have insurance in place that reimburses your losses in case your harvest gets destroyed. However, what if the insurance premium is unaffordable? What if coverage is not being offered, because your small premium cannot cover the costs of traditional insurance companies? What if it takes too long to receive a compensation payment after the loss event occurred?

The First DeFi Insurance marketplace for the global crypto ecosystem