INSCOIN - Change The Insurance Industry Become More Secure With Blockchain

yosibrs (26)in #ico • 6 years ago

The insurance business is basically trust between insurance companies with policyholders, in which the insurance company will pay for a number of benefits (coverage) to the policyholder in accordance to what is written in the insurance policy and for that policy holder shall be obliged to pay some of the premium to the insurance company. In this case policyholders for part of the losses that might be suffered in the future to insurance companies and believe that insurance companies will pay for the losses. While insurance companies believe that policyholders would not cheat. However, a wide variety of fraud insurance policy more and more the case. It has certainly made many people think how to reduce fraudulent insurance policies. And now has come a platform which will minimize insurance fraud insurance policy. INSCOIN is a platform of insurance that goes with blokchain technology support that can help avoid cases of fraud insurance policy. Thanks to the platform developed by Knox's insurance, this policy is fully automated, thus eliminating the possibility of a conflict of interest between stakeholders.

Blockchain was first implemented in 2009, and direvolusi with Blockchain 2.0 in the year 2014. Blockchain technology consists of block transactions, where each block is interlocked through cryptography, thus forming a network. Blockchain system consists of two types of record, transaction and block. These transactions are kept together in one block. The unique thing of Blockchain is each block contains a cryptographic hash so that form the network. Cryptographic hash functions is taking data from a previous block and turn it into a compact string. This string allows the system can easily detect any sabotage. The project combines the digital world by KNOX real world use the technology Blockchain and create the most efficient structures and sophisticated in this area to find a solution for insurance and certification in first anti-counterfeiting.

How do Blockchain change the insurance industry?

For subscribers of smart contracts prevent the spread of fraud insurance policy, because it is the same system that will be issued after payment is received.
The client has full control over the insurance policy.
Customers can access all WEB services and mobile platforms and check their policy.
For insurance companies with smart contracts, there will be no delay in the recovery of premiums, obtained by increasing the cash flow of the company.
Thanks to the Blockchain, policies, fraud will never be delivered to the company.
Blockchain improves business processes and ensure that the security system is truly unshakable.
For brokers gain credibility to policyholders and beneficiaries.
Direct control over the administrative reports.

The spread of fake insurance arrangements managed strategic distance, with smart contracts because of a similar framework that issues an endless supply of installments. Because it is the same system that eliminates insurance after receiving the payment, avoid propagating false insurance contracts. In the contract, the company simply took out the policy after receiving payment, so the company will not defer the collection of credit. This element aims to improve the management of the company itself. Smart contracts in case of accident is a real decision which does not exist or can not be opportunistic behavior has to decide to pay or not block chain from a system that is not really interested in the human mind, determine the whether it meets the requirements of the policy. This benefit is very important to increase the transparency of the company to the customer.

Approval mechanism produced by the negative incentives and incentive system between parties created a potential association certificate because the contract with the participants can be considered valid without the permission of the network of trust and a little bit more When solve the fundamental problem, chain blocks in the implementation of the public. Authentication of documents which are not certified is one of the most important applications of the technology of Blockchain because an eligible document with Blockchain never faked. Smart contract is the same system that You remove it after receiving the payment, so that you prevent the spread of false insurance contracts. In the contract, the company simply took out the policy after receiving payment, so the company will not defer the collection of credit. This element aims to improve the management of the company itself. Smart contracts in the crash, the real judges decide whether to pay or not, is no longer a company that can take opportunistic, but the system the chain block to determine whether the accident satisfies the requirements the policy.

In insurance, how payment or what actually paid is a complicated subject. In KNOX'S platform, this problem is just not there. INSCOIN Token, crypto-currency based on the technology of the Ethereum ERC20, used for any payment to the platform. It's goodbye to insurance claims that have not been completed or delays the payment of the contract the most intelligent technology ethereum achieved by the insurance company and the insured, implement the Treaty insured makes Payments immediately. The user will not be fooled, no matter who they are dealing with.