Decentralized insurance platforms (part 04)
Through the discussion of the last three posts, I have tried to give you some idea about Decentralized Insurance. I hope you benefited from my discussion. Today is the fourth and final post of this discussion. In this post, I will share with you how you can take some real-life examples from here. Hope this latest discussion gives you a complete idea about this topic.
Several decentralized insurance platforms have come into existence under blockchain technology in this sector. Most leading example is Etherisc. It is a decentralized insurance for various use cases. It solves the issues of flight delays and crop insurance. Here blockchain is playing the role behind the decentralization. Through this system, the claims are processed transparently and efficiently. It can reduce the time and cost associated with traditional claims handling. The future prospects for decentralized insurance are prosperous which can easily be determined from this example of real life.
With the growth of blockchain technology is likely that more innovative insurance products will be developed. Some ideas like peer-to-peer insurance models in recent discussion topics among the communities of this blockchain and insurance sector. In the model, groups of individuals pool their resources to cover each other’s risks; which can be more effectively managed using blockchain. These models could democratize insurance. Finally, it will be more accessible and affordable for a broader population than is expected.
As the world evolves, blockchain technology is bringing new technologies and innovations that are very beneficial to society, country, and nation. The faster and more we can adapt them, the more technology and civilization will advance. Hope you will be able to create awareness among yourselves through these ideas which is one of the objectives of my post-sharing. Thank you.
~ Regards,
VEIGO (Community Mod)
I never got to know that there is something like decentralised insurance platforms also exist but it is quite interesting idea and I thoroughly enjoyed reading this article to have a thorough understanding.
As the world evolves, blockchain technology is bringing new technologies and innovations that are very beneficial to society, country, and nation.
Perfectly true and I am so sure this is just the beginning that the Blockchain technology has to offer to the world
Upvoted! Thank you for supporting witness @jswit.