Plugin & Sumunnati Targets to Access Weather Intelligence for Financial Aid
July 05 2022 - 1:14AM
NEWSBTC
The collaboration makes use of recent meteorological data to
educate farmers. The information from Plugin will instruct farmers
and provide agricultural guidance. Together, Plugin (PLI) and
Sumunnati broadened the implementation area for crop insurance that
includes small-scale farmers as well. The blockchain platform is
being used by the partnership to apply weather intelligence.
Parallel to the above, the alliance mentioned above is anticipated
to expand the range of contemporary technical services available to
the farm industry. Today, there is no denying that agriculture
plays a significant role in fostering wealth across the globe.
However, particular difficulties continue to have an impact on the
sector’s productivity, trapping many smallholders who depend on
agriculture in uncertainty and resulting in returns that are below
average. Changes in weather patterns, unexpected production cycles,
a lack of actionable weather knowledge, and insufficient mechanisms
designed to offset negative consequences throughout the entire
agriculture supply chain are just a few of the particular
difficulties facing today’s agriculture. To show how precise
decision-making at the farm level is hampered by a lack of
actionable weather intelligence. In particular, it has an impact on
the many daily decisions that farmers and the supply chain make,
all of which depend on precise forecasts for success. As an
illustration, applying fertilizer without using actionable
meteorological intelligence may result in fertilizer being applied
right before rainstorms. Reapplying fertilizer may be necessary as
a result, raising a farmer’s production costs. While there are many
distinct problems, the development of new technologies—powered by
blockchain—offers chances to turn the tide, releasing agricultural
wealth, generating jobs, and fostering prosperity. Plugin-Samunnati
Partnership: Weather Intelligence and Crop Insurance Recently,
Plugin & Samunnati partnered to unlock the synergies in weather
intelligence via Plugin’s Weather Forecast Node (WFN) project.
Through this partnership, Plugin & Samunnati will extend their
expertise in implementing the Plugin WFN project across the
smallholder farmers’ landscape. Aggregated weather data will be
integrated into Plugin’s data lake within the XDC ecosystem helping
boost weather intelligence activities. What’s Plugin’s WFN, and how
does it converge with crop Insurance? Well, Plugin’s WFN uses data
collected and processed via registered weather stations/hyperlocal
sensors placed across the globe. Data collected from these nodes is
collected and processed at near-real-time speeds and pushed into
Plugin’s data lake. (Note: there’s potential to scale the data
lakes significantly by setting up more hyperlocal sensors across
the globe.) Thanks to application user interfaces (UI) that are
decentralized, weather data comes tagged with latitude and
longitude coordinates. This helps provide cryptographic proof when
uploading the data into Plugin’s blockchain, enabling anyone to
verify its provenance when developing smart contracts. Once weather
data is recorded on PLI’s blockchain, its provenance information
can’t be altered. What’s more, additional filters are available to
help drill down weather data collected by PLI to the granular
level— i.e. one can view weather data by searching for information
on a specific country, state, or city. To guarantee the quality of
recorded weather data, PLI conducts periodic checks at the
registered weather station. As well, providers of Plugin WFN’s data
are compensated for providing accurate and actionable weather info.
This helps optimize the data, making it useful for decision-making
in different industries. To elaborate, let’s take the case of
processing crop insurance claims and how WFN can help. With climate
change introducing weather uncertainties—some extreme–, there’s a
need for real-time weather data to help validate and verify crop
insurance claims. With the near real-time data, crop insurance
providers can verify whether specific weather conditions were
experienced, causing specified problems. Upon ascertaining the
data, crop insurers can process payout for affected farmers,
guaranteeing continuity in agriculture. Other areas where crop
insurance—supported by WFN— can cover agricultural logistics,
hedging in commodity markets, aviation, and government-related
policy formulation. That said, what else does the Plugin-Samunnati
collaboration cover? The partnership also covered analyzing crop
insurance availability amongst smallholder farmers, and how these
challenges can be handled during unforeseen and weather-related
calamities. Some weather events considered include unexpected rain,
floods, extensive drought, etc. As well, Plugin has also signed a
Memorandum of understanding (MoU) with Samunnati that will see
Samunnati onboarded as Master Node Operator on Plugin’s
decentralized oracle network. Currently, business enablement
consultations are in progress and within a few weeks directions
will be given to community members.
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