A Nairobi-based technology company is aiming to revolutionize green insurance through its Ripple CBDC blockchain-based application. The company specializes in making environmental data available on the blockchain, providing crucial information such as vegetation cover, forest fire incidence, and rainfall levels. This data is essential for applications such as weather insurance.
The company’s strategy is to leverage ecological data stored on the blockchain to drive parametric insurance. Its application targets institutional users, including insurance corporations, banks, microfinance, and microinsurance organizations.
The Ripple CBDC Platform plays a pivotal role in supporting humanitarian and environmental initiatives. Central bank digital currencies (CBDCs) are crucial in driving web3-based applications and creating a hybrid solution that benefits both corporate entities and humanitarian agencies providing assistance to those affected by climate hazards.
The company’s parametric insurance solution utilizes the Shamba network and geospatial data. Oracle Shamba collects information from satellites operated by entities such as NASA and the European Space Agency. This data is analyzed using geospatial science and machine learning and then moved to the blockchain, triggering smart contracts and applications.
When the parametric insurance solution detects weather risks, such as droughts, it triggers smart contracts to release CBDC funds stored within them. This approach facilitates efficient payouts to affected populations, integrating CBDCs with local digital payment services for greater accessibility. The application is being built on the Ripple EVM sidechain environment, with the connection to the Ripple CBDC platform enabling CBDCs deployed on the mainnet to be under the control of the smart contracts that drive this innovative solution.
Ripple is in talks with more than a dozen governments worldwide to develop Central Bank Digital Currencies (CBDCs) using its blockchain-based technology. The company launched a dedicated CBDC platform in May to assist central banks, governments, and financial institutions globally in the issuance of CBDCs and stablecoins. Despite facing a U.S. lawsuit, Ripple has had success internationally, collaborating with five governments on CBDC pilot projects.
The company is expanding its global presence, using London as a strategic hub for hiring and growth. It plans to make 80% of its hires outside the U.S. by 2023, prioritizing international markets due to regulatory uncertainty in the U.S.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Africa |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Kennedy Ng’ang’a |
| Companies | The Futurum Group, Palau, NASA, European Space Agency, Ripple |
| Currencies | CBDC |
| Securities | None |
