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Drought Insurance

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ChainLink smart contract for drought insurance payouts
General Submission & Positive Impact
Nowhere near launch
Makers
Viraj Anchan
Tags
Smart Contracts
Solidity
ethereum

An example Drought Insurance that uses ChainLink to determine the release of payment.

When the contract is deployed a farmer, insurance provider, and start time are specified. Additionally a deposit is made. The end of the contract is set to 365 days after the start time.

After the contract is created anyone can request updates from the oracle for the contract. If the oracle reports that the region is hit with drought then the deposit is released to the farmer. If the region is drought free after the contract ends, and the deposit has not been released, the deposit is sent to the insurance provider.

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