Web3 decentralized monitoring reporting and verification (DMRV) network Shamba has incorporated Chainlink’s oracle solution on the Arbitrum, Avalanche, Ethereum, Optimism, and Polygon chains. By utilizing this ecological oracle, smart contracts have the ability to consume on-chain satellite data from many providers, including the National Aeronautics and Space Administration (NASA), the National Oceanic and Atmospheric Administration (NOAA), the European Space Agency (ESA), and the Japanese Space Agency (JAXA).
This information can be used to power a variety of different types of smart contract applications, including Web3-based parametric crop and livestock insurance. In the end, this will assist in protecting vulnerable farming and herding communities from the dangers posed by climate change and will assist in driving climate resilience throughout Africa. Shamba is on a mission to assist in the regeneration of the Earth and to enhance the quality of life of land caretakers all over the world. Through the use of regenerative finance (ReFi), it is attempting to enhance sustainable development and economic inclusiveness.
The goal of Shamba is to put ecological data on the blockchain and to use that data to improve financial inclusion. Shamba is in the process of creating a DMRV network in order to supply the data that is necessary for the operation of de-risking solutions such as farm insurance and ReFi solutions such as farm eco-credits. The network assists farming communities in the management of their ecological assets and in utilizing those assets to generate new sources of financing. Additionally, Shamba offers data that may be used to fuel a broad variety of other applications operating in the Web3 space.
Seamless Integration Of Parametric Insurance Smart Contracts
In addition to providing data to enable parametric insurance applications, Shamba intends to provide high-quality climate datasets collected by satellites, drones, and many other sensors, all of which will be delivered on-chain via the Chainlink Network. These datasets will be used to support carbon credit markets, green bonds, as well as other ESG projects. Professionals from Kenya, India, and Australia who have previous expertise developing at the intersection of geospatial and blockchain technologies make up the core team for Shamba.
These experts are talented and passionate about their work. Many of the core members of Shamba’s team have years of experience working in research for development, during which time they have applied cutting-edge technology such as machine learning and satellite data to create solutions that give smallholder farmers more control. Shamba is delivering to the Web3 space not only this degree of technical capacity but also a profound awareness of the issues that are faced by smallholder farmers.
Smallholder farmers in Africa are particularly susceptible to the effects of droughts and other periods of inadequate rainfall, which can result in the failure of their crops. They frequently lack the financial means necessary to constantly purchase insurance to shield them from the risks presented by these climate shocks. It has been projected that insurance policies that are based on smart contracts are between 30-40% less expensive than standard insurance products.
Shamba is providing data that has been optimized for use with Web3 so that any financial provider can easily integrate parametric insurance smart contracts into their platform. This allows financial providers to extend their product lines to support small farmers and herders by providing them with cost-effective solutions that use parametric insurance. Smallholder farming communities will soon be able to generate and commercialize carbon credits on their farms with the help of Shamba’s ReFi solution for small farmers, which is scheduled to be released soon.
In this manner, millions of farmers throughout the global south will be encouraged to participate in the battle against climate change by modifying their farming techniques to those that are climate sustainable. In addition to this, they will be rewarded to plant trees and reclaim a significant portion of the forest cover that has been lost as a result of extractive economies in the global south. Shamba is contributing to the battle against climate change through the implementation of its solutions, which make both adaptation and mitigation possible.
The Go-To Oracle Solution For Shamba
This parametric insurance application relies heavily on Chainlink oracle technology to perform its functions. It is vital to have easy and quick access to off-chain data feeds from NASA, NOAA, and ESA in order to consistently deliver the geospatial data that is required for parametric insurance smart contracts. Shamba needed a flexible oracle network that could transmit high-quality meteorological data on-chain in a reliable manner so that Web3 applications could use it.
This was necessary since blockchains do not have native access to data that is stored off-chain. Chainlink was selected by Shamba as the go-to oracle solution because its architecture has been time-tested in production, has successfully contributed to the security of tens of billions of dollars worth of value throughout DeFi, and is widely utilized by applications that utilize off-chain data.
Kennedy Ng’ang’a, Founder of Shamba, said, “We’re excited to integrate Chainlink technology to help access data from global satellite operators and provide it to smart contracts. By helping bring critical weather data on-chain in a highly reliable manner, the Chainlink Network helps us empower smallholder farmers across Africa to hedge against climate risks and explore new income pathways.”
Chainlink is the Web3 services platform that has facilitated trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other significant businesses. As the leading decentralized oracle network, Chainlink enables developers to construct feature-rich Web3 applications with frictionless access to real-world data and off-chain computing across any blockchain and offers global corporations a gateway to all blockchains.
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