American WorldCover developed a mobile app to help small African farming businesses insure their yield from drought.According to the Financial times, the app helps avoid the need for paperwork. More than 20,000 farms in Ghana, Kenya and Uganda have access to simple and affordable crop insurance via their smartphones. 16.10.2018 | 13:07 Global finance world shifts towards fintech The payouts can be triggered automatically when certain conditions are met, such as a specific number of days of drought. The system uses high-resolution satellite images to detect rainfall and plant growth data.According to Christopher Sheehan, founder and chief executive of US-based WorldCover, payments can be made using mobile money transfer services. 19.10.2018 | 16:14 Herman Gref: Blockchain is a terrific phenomenon we need to reconsider “With machine learning and blockchain technology, we can process these data very cheaply to produce a really simple crop insurance product with premiums of USD20 to USD50 for a farmer who might only be earning USD3,000 a year,” noted Christopher Sheehan, emphasizing that even a farmer with limited literacy can understand an agreement.The fact that the policies are based on third-party data, such as rainfall measured by satellite and ground sensors, means they are objective, thereby avoiding disputes and fraudulent claims. The partner of Fintech section is Tweet Views 26767