KNOX PROJECT FIRST BLOCKCHAIN INSURANCE COMPANY

prover (26)in #inscoin • 6 years ago

To many, insurance is a dreadful business. Many perceive the providers as all smiles when seeking your subscription, but change when push gets to shove. While this is understandable, it is easily rectifiable. The centralization of the insurance industry has been the major problem facing this business. Creating an arena where the parties involved can feel confident that the other upholds his end of the bargain is important.

The Way Forward

Decentralization of the insurance industry should have been initiated before now. This would have seen the chips of every party on the table without any form of avarice. The KNOX platform offers a conducive environment where terms are agreed upon and each party sticks to the stipulations set therein. Based on the highly effective blockchain technology, the KNOX platform is extremely transparent. No shady deals, unpaid premiums and the common problems witnessed in the insurance services currently peddled right now.

In insurance, how payment is made or what is actually paid is a knotty subject. In the KNOX platform, this problem is completely non-existent. The INSCOIN token, a cryptocurrency based on the Ethereum ERC20 technology, is used to for every payment on the platform. It is goodbye to unsettled insurance claims or late payment since the smart contract of the ethereum technology reached by the insurer and insured, effects the terms of the agreement immediately the insured makes payment. Users can’t get cheated no matter who they are dealing with.

The Team

To ensure the KNOX platform is fail-proof and has the right backing, the team consists of individuals from different backgrounds with the technical know-how. You can take a look at the whitepaper of the KNOX project to understand just how capable these people are.