Oxfam International, a UK-based charity, announced the success of its blockchain-based microinsurance delivery system to paddy farmers in Sri Lanka. Etherisc stated in a Nov. 4, press release that Oxfam’s blockchain-based insurance system has made payouts to farmers in Sri Lanka and who continue to risk losing their crops because of extreme weather events.
Blockchain Decreases Costs And Raises Payouts
Together with its partners Etherisc and Aon plc, Oxfam in Sri Lanka will now continue to look for solutions to some of the problems that will emerge as the new crop season begins in November. In the past issues such as lack of affordable, reliable insurance products and a lack of understanding about how insurance would help a farmer survive and when or how a claim would be paid have always acted as major barriers that prevented farmers from utilizing insurance.
The use of blockchain technology could transform and simplify the process of insurance claims. The resulting in decreased administration costs and a higher percentage of premiums used for fully trusted payouts. Etherisc Michiel Berende’s chief inclusive officer said we’re proud to have real-world, on-the-ground success from a microinsurance blockchain solution. They are pleased with the results of the first cycle. They look forward to moving on and supporting more farmers.
Oxfam Continues To Distribute Aid Using Stablecoins
Oxfam partnered with Australian tech startup Sempo and blockchain company ConsenSys in June to test the suitability of stablecoins Dai (DAI) for aid in natural disaster-affected regions. A philanthropic program was introduced and called UnBlocked Cash with the help of the Australian government. To test the system, Oxfam and Sempo would have preferred the most natural disaster-prone country in the world, Vanuatu. In September, Oxfam initiated the second phase of the pilot program to spread disaster relief further.
History Of Oxfam
In 1995, a group of independent non-governmental organizations formed Oxfam International. As a confederation, they joined forces to maximize efficiency and achieve a greater impact in reducing global poverty and inequality. The name “Oxfam” comes from the 1942 British-based Oxford Committee for Famine Relief. During the Second World War, the organization advocated for food supplies to be sent to starving women and children in enemy-occupied Greece through an allied naval blockade.
Oxfam continued its work after the war, sending materials and financial support to groups throughout Europe helping poor people. Oxfam’s focus turned to the needs of people in developing countries as the situation in Europe changed. Currently, they work with thousands of partners, allies, and communities in over 90 countries to save and secure lives in crises. Help people restore their livelihoods, and fight for real, lasting change, keeping women’s rights at the center of all we do.
The Oxfam International Confederation has 19 member organizations. They are based in Australia, Belgium, Brazil, Canada, Denmark, France, Germany, Hong Kong, India, Italy, Mexico, the Netherlands, New Zealand, Quebec, South Africa, Spain, and the United States. There are two public offices of engagement, Oxfam in South Korea and Oxfam in Sweden. Their focus is on raising funds and our work awareness.
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