Yesterday, French headquartered technology company Atos announced its blockchain crop insurance solution won an award from an Indian trade association. The project was in the category of ‘Industrialization of Disruptive Technologies’ at the NASSCOM Annual Technology Conference (NATC) Awards 2019.
Atos said its solution aims to establish trust between farmers and insurance companies. It uses smart contracts and mobile payments to engender this trust.
Atos did not disclose technology details. In a hypothetical scenario, insurance companies can use the Atos solution to collate weather data from satellites and measure actual weather conditions like excess rains or droughts. Using this data, they can calculate the compensation to farmers for crop losses, automating the claims process.
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