INSCOIN: TRANSFORMING THE INSURANCE SECTOR VIA A DECENTRALIZED PLATFROM
After bitcoin evolution, many supporters from different field of professions and businesses around the world embraced blockchain technology hence made industries to begin creating investable new digital asset, which many are yet to be created, these traded assets gave room for numerous benefit and led to many innovations, growth and massive adoption of the blockchain technology. These was what prompted INSCOIN THE KNOX to create a decentralized platform to help transform the insurance ecosystem.
WHAT IS INSURANCE?
Insurance is a means of protection from financial loss, it is also a financial product sold by insurance companies to safeguard property against the risk of loss, damage or theft. Years back when insurance came into existence, assurances of transporting goods were of a verbal nature but as civilization came into place, the verbal method was later changed to a written policy embedded with terms involved in insuring, the policy states the contract terms between the company and the insured, this new policy gave room for massive adoption and growth, hence resulted to high productivity in the insurance sector.
BARRIERS FACED BY INSURANCE COMPANY
Below are the challenges faced by insurance?
· Disruptive technology.
· Lack of effective business strategy.
· Slowness of international banking transactions.
· More dependency on old/traditional method.
· Ghost brokers.
To solve the above menaces, INSCOIN was born so as to proffer solution by transforming the insurance ecosystem through the blockchain technology.
REASON FOR THE CREATION OF INSCOIN FOR KNOX PROJECT?
To enhance this sector, “InsCoin for Knox Project” came into existence; this project aim is to reach, by exploiting the blockchain and transforming of traditional insurance policies from paper into smart contract.
The main function of this platform is to create customized profile for Brokers, with their personal Inscoin wallet.
This project will provide the establishment of the first insurance company to curb and proffer solutions affecting the insurance sector, to pass information and create good relationship between the company and insured person, also to create the most efficient and advanced structure in the sector through blockchain technology. The main function of this platform is to create customized profile for Brokers, with their personal Inscoin wallet.
DISTINCTIVENESS AND SOLUTION PROFFERED BY INSCOIN
Below are the solutions proffered by the KNOX?
· KNOX will be transforming the traditional policies from paper into smart contract hence as an avenue to create maximum transparency and good reputation, likewise providing checks and balances.
· Establishing the first insurance company that will be transforming the real world using blockchain technology.
· To provide authentic certification of document.
· The KNOX project will be able to create good interpersonal relationship between the company and customers.
· Finding solution to the problem of certification and anti-forgery of insurance policies.
· The Knox Project intends to use the widely accepted real used case token Ethereum, thereby using its infrastructure and ERC20 technology.
After necessary steps taken and legal licenses obtained, Inscoin platform will be coming up with an internal exchange where customers will have access to purchase insurance product offered by the platform.
HOW INSCOIN FOR KNOX WORKS ON BLOCKCHAIN?
The internal platform of KNOX INSURANCE will be designed in such a way that the certification of the authenticity of the policies can be carried out on the platform and partly from Ethereum blockchain. A smart contract that combines the authenticity and coverage of the policy with respect to the privacy right of the contracting parties will be issued at the end of the certification process.
INSCOIN TOKEN USE CASES
THE INSCOIN TOKEN will be received in form of smart contract in which customer pay insurance premium and easily access the maximum degree of authenticity of the policy.
The INSCOIN TOKEN can also be received in form of smart contract, thereby allowing customer to monitor their policies in full safety and transparency.
TOKEN SALE AND BONUS
USE OF FUNDS
For more Information about this project, you can kindly visit the following links below
Bitcointalk Username : bosunbossman