Industries That Blockchain Will Radically Transform Insurance

The term “cryptocurrency” is a misnomer.

A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money.

Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value. The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry.Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows: Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:

Insurance

Insurance policies are approved through the verification

of the insured party’s data. The approval of insurance and payout of claims are still severe pain points for the industry.

InsureX (IXT) markets itself as an alternative marketplace for insurance. The insurance market has several layers of intermediaries, making approval a frustrating chore. The process is inefficient and lacks ease of communication. InsureX’s goal is to encourage new business models, increase transaction speed and insurance approval, reduce risk through better data access, and improve customer experience.

Etherisc is an insurance platform that puts an emphasis on decentralized applications. They already have a few dapps up and running, including crop insurance, social insurance and flight delay. Crop insurance protects the insured party against drought or flood, social insurance is similar to life insurance and the flight delay dapp issues policies and pay out claims against flight delay delays autonomously. They will host an marketplace for the capitalization of risks and insurance related services. In other words, what other marketplace-based projects are doing for computer resources, dapps and digital identity, Etherisc is doing for insurance.

Machine learning can also be integrated with smart contracts, as it is being done with SafeShare. This project has partnered with Vrumi to protect property owners against damage and theft to their homes caused by tenants registered on the Vrumi platform. SafeShare employs MetroGnoma, an open-source timestamping service, to validate claims in real time.

Chuck Reynolds

Marketing Dept

Contributor