INSCOIN: INSURANCE COMPANY, OPERATIONAL WITH THE BLOCKCHAIN TECHNOLOGY

crypto12 (25)in #cryptocurrency • 6 years ago

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KNOX Company, is the first insurance company to bring about a harmonization of the real world with the recent innovations of the cryptosphere, It seek to resolve the issue of certificate forgery, cyber theft, which is still the major area of concern in the insurance industry with the aid of the blockchain technology. InsCoin will issue insurance in both forms using smart contract and via traditional pen and paper method.

The carriers of this initiative deserves an applaud for identifying this major problem with a workable framework at curb it. more so, Knox insurance company policy will be developed to be fully automated and exclude the possibility of conflict of interest between the parties involved. Prior to the establishment of this initiative, there have been series of cases of financial theft or fraud worth millions of US dollars and For this salient reason, insurance companies are starting to manage cyber risk with a three Lines of Defense model which are; Generally, IT and the CISO, make up the first line of defence, implementing and executing the information security strategy. All for the sake of tracking most of them and equally curbing this malicious act through the use of these above mentioned security software with full encryption.

KNOX has a plan to establish its insurance companies in three places like; Dubai, Lisbon and Bermuda Islands. KNOX platform will equally be of much benefit to insurance providers as they can receive the payment without any form of delay or unnecessary excuses. The use of blockchain technology will also ensure that every transactions carried out are safe and secured, this can only be guaranteed with the software reader( smart contract ) along side a decentralized chain of command that is devoid of any form of manipulation by anyone.

KNOX Company operates in this platform by; Creating an individual profiles for brokers with their personal wallets, introducing a Possibility for brokers to create a primary profile for their clients, alongside an identification code well encrypt with their corresponding wallet, Download all necessary policy functions for evaluation and quotes etc.

KNOX INITIAL COIN OFFERING

They have a major means of exchange known as INSCOIN, and they will be opening sales of their tokens for investors to buy and make commensurate profit with a release of about 270 million INSC tokens for sale. The tokens will be sold at a rate of 1 INSC token= 0.0002 Ether (pre-ICO sale) and 1 INSC token= 0.0002 Ether (main sale).

TOKEN DISTRIBUTION

A percentage of the token will be distributed to all categories of persons who contributed to the development or success of the platform, below is a diagram illustrating the means of token distribution;
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it is also salient you know the team of experts who contributed their wealth o knowledge in bringing his project to light;
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Thanks for going through this page, I hope you enjoyed the mode of service delivery of this program, below is the team of experts who contributed this huge ideas in solving the problems confronting the insurance company.