Blockchain Research Center

Blockchain technology can greatly reduce the complexity and difficulty of helping those most in need.  

 

By way of example, there is great potential for blockchain to significantly assist one of the most crucial sectors of the Ethiopian economy - the livestock sector. Global aid organizations, including ICRC and FAO, have devoted special efforts to develop an insurance system that protects pastoralists from extreme weather conditions, mainly droughts and floods. This system is based on satellite indicators that predict the severity of an expected climate shock and prepare accordingly. Furthermore, it allows for estimating the damage after a disaster occurs. 

 

While satellites provide invaluable data in preparing for disasters, additional instruments can and should be put into use in order to assess the damage they cause.  Since the camera on the mobile device is already in wide use in the region, it can become an immediate and easy to use tool for the local population to indicate climate-related damage, in place of or in addition to satellite data. However, the ease of modifying images or videos might deter insurance companies from relying on their authenticity — and that is exactly where blockchain technology comes in.

 

The Hexa Foundation has developed a full platform, free of charge, including a mobile application that is already available on Google Play, to notarize images and videos taken with any mobile device. Once an image/video is taken, it is cryptographically signed and written along with its metadata (e.g. GPS location, timestamp, device ID, etc.) on the blockchain. This data may then be easily verified and authenticated, serving as immutable proof of the damage caused in order to determine the payout. 

 

This platform adds a critical layer of indisputable trust to the interaction between the insured and the insurer, providing first-hand proof, in real-time, for quicker and simpler settlements. It is ready for use and can easily improve the livestock insurance program, not only making it user-friendly to those who need it most, but adding value to the providers in the form of binding, photographed evidence is likely to encourage honest reporting. 

That is what we call social impact.

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