Kenya Issues Insurance for Bike Riders Using Blockchain.

Kenya notably began to popularly explore the blockchain technology in February 2019. The country’s central bank warned about the volatility of crypto-currencies, but some businesses in Nairobi have begun accepting Bitcoin payments. Over $1.5m in Bitcoin transaction values have been estimated according to the Blockchain Association of Kenya.

A startup in Kenya is reportedly insuring motorcycle drivers to make access to affordable and quick medical attention for them in the event of an accident, using blockchain technology. This was one of 10 startups selected to pitch at the Africa Startup Summit in Rwanda in February. It has since seen promising rates.

The startup called Ridesafe is an emergency response solution that makes available access to quick, affordable and quality first aid in the event of an accident. This response solution is built on a decentralized blockchain application. Different communities in Kenya have begun to build a network that brings them a list of incentives. This initiative may be as a result of the high number of motorcycles used for public commuting and high death rate by road; the rate of death is high enough to match up to HIV/AIDS as the highest cause of death in low-middle income countries by 2030.

This is a valuable service that reportedly 600 riders have already explored. Mugisha, the brains behind it and his team hope to get 200,000 riders and 1,000 first responders in Kenya by the third quarter of 2020 on-board.

 

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Credits- Tom Jackson, bbcnews.

 

 

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