Oracle Crops Insurance is a digital platform wherein crop insurance policies are plugged into smart contracts on a blockchain and indexed to local weather. During an extreme weather event, the policies are automatically triggered, which facilitates fair, transparent and timely payouts.
What it does
Insurance provider can register in this system and advertise their insurance policy and farmer can buy any insurance policy. After finishing the contract period, farmer can claim indemnity to my smart contract and smart contract will calculate loss. Then farmer can automatically withdraw his/her indemnity from smart contract. Farmer does not need to interact with insurance provider for their indemnity.
How I built it
Smart contract fetch weather data(temperature, winds speed) from world weather online api then calculate standard deviation of these data and finds loss amount of the farmer.
Challenges I ran into
- Integrate honeycomb api in smart contract.
- Facing difficulty to handle huge amount of data in smart contract.
Accomplishments that I'm proud of
- Successfully adopt new technology like chainlink oracle and honeycomb api integration.
- Completing the whole project.
What I learned
- I have learned how to work with new technology.
- Implement a new idea in blockchain technology.
- Learned more about smart contract.
What's next for Oracle Crops Insurance
- I want to develop full functioning smart contract and dapp based on this idea because it may really help for our farmer.
- I want to implement Weather index provided by world bank in smart contract.