Oxfam International, the U.K. charity utilizing blockchain technology for relief funds delivery in several pilots across the globe has managed to deliver micro-insurance to paddy field farmers in Sri Lanka using their platform, Cointelegraph reports on November 7th.
According to a statement from Oxfam, it was the lack of affordable and reliable insurance coupled with the understanding of the concept that has prevented farmers from utilizing it in the past. The NGO hopes to provide those by utilization of blockchain technology, simplifying the process and cutting administration and transmission costs, commenting “We are proud to have real-world, on-the-ground success from a blockchain solution for microinsurance [...] We are delighted with the first phase results and we are excited to drive on and help more farmers.”
Oxfam has already piloted several similar charity programs, using blockchain technology to deliver cheap, fast and efficient transfers of funds to those in need. We can only expect the implementation of their platform to expand and develop, possibly forming a single comprehensive platform covering their entire work. This would serve as a great promotion of blockchain technology and its advantages, as well as harnessing those advantages to help those in need, benefiting everybody.