Peer to peer insurance on the ethereum blockchain

Published в Mona crypto | Октябрь 2, 2012

peer to peer insurance on the ethereum blockchain

References · Vitalik Buteri. Ethereum White Paper. · Joshua Davis. Peer-to-peer Insurance on an Ethereum Blockchain. · Steve Ellis, Ari. The peer-to-peer insurance (P2P) is a disruptive form of insurance that allows insureds to pool their capital and self-administer their insurance. In order to. The blockchain containing insurance details will be contractualized on the Ethereum smart contract platform, where each peer or validator of the system will. ONLINE BETTING LICENCE AUSTRALIA TIME

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The time was pretty strict and we had to rush to have a working prototype. To make it faster we had to take architectural decisions on the go and keep everything as simple as possible. This led to pretty weak security and code quality, which will be definitely improved in the near future. The result At the end of the weekend we had an iOS application where users can check their battery wear level, get the price for the battery insurance, insure, initiate the claim and get paid.

The best part is that everything is fully autonomous and connected to Ethereum blockchain. Therefore, it does not need any intermediary and people can insure, invest and get paid without any insurance middleman. Future plans We got a huge interest about our app during that weekend. Therefore the next step is to connect the application to Ethereum Ropsten Testnet.

Also, we found out that Android allows to retrieve more data about battery and do that in a legal way. New designs are ready, development is in progress, hype within the team is huge, so we have all the needed components to make it happen. A sneak peak of designs for upcoming app.

Please take a look at our github: Aigang. Network Github Would love to hear your comments or ideas for further development and possible integrations, contact me: [email protected] Our team believes in fully automated insurance! Therefore, I would like to invite you to meet us and find out more about our project: Aigang. Please let me know that by recommending it to others by clicking green heart below. Click follow, if you want to get more insights on blockchain, smart contracts, insurance and IoT very soon!

If evidence such as ticket stubs are lost, claims can be denied. Because the inconvenience is temporary and usually at a moderate cost, most fliers forgo reimbursement they are entitled to, in spite of paying for coverage. Using the InsurETH application on the Ethereum blockchain, fliers can purchase flight delay insurance through an ether payment transaction.

The premium payment is recorded as a smart contract transaction on the Ethereum blockchain. If the event that is, a flight delay occurs, the flier receives the claim amounts as per the terms coded in the contract. It tackles head on, the real problem of lost premiums in the travel insurance business due unclaimed travel insurance as well as denials from airlines.

It also allows unbundling of travel risks. For example, domestic travellers or short stay globetrotters are are more likely to need only this one coverage can purchase insurance at a lower premium than an umbrella type of policy that is more suited for vacationers.

The Dynamis application which is also under development, offers supplemental unemployment insurance in a peer to peer model. Participants apply to the pool and are accepted based on their social capital status an example of a social capital indicator can be their online footprint and reputation derived from participation on social media platforms such as Facebook. Participants themselves evaluate applications and claim payouts or source out to a Human Intelligence Task HIT pool paying in ether.

The burden of claim is shifted from the policy holder or participant to a provably honest trustless platform. Social network LinkedIn is used as an oracle to help evaluators verify employment records and approve claims. Approved claims are paid out based on the terms of the contract.

The Dynamis smart contract also offers policyholders benefits similar to self-insured groups and that of mutual insurance companies in the United States. If there are fewer claims favourable claims experience , the participants can also receive back a portion of their contribution.

The Dynamis website features a detailed white paper, infographics and blog posts expanding on the implementation of DAC insurance company. Decentralized apps for peer to peer insurance have several innovative features.

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