INSCOIN :- REVOLUTIONIZING THE INSURANCE SYSTEM WITH BLOCKCHAIN TECHNOLOGY
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Life itself is a risk, the fact we wake up every morning and live till the end of that day means we survived lots of risky incidents that followed the course of that day . This is the same way it works when it comes to our assets or properties, the risk of these assets getting ruined accidently,through natural disasters, fire outbreaks or generally incidents beyond our control can be very terrifying . This is the reason why insurance companies came into existence. Insurance companies have been around for quite a while as the first documented insurance document was traced to go far back the 15th century . It's no doubt that insuring our life and properties are important for days when the unexpected happens, we could have hope on a place where we can fall back on. But the issue on ground now is the fact that insurance and insurance companies are facing lots of challenges that most often affect the Insured.
PROBLEMS/ ISSUES WITH INSURANCE
A research study carried out by the FBI has proven that on a yearly basis about USD60 billion are lost to insurance fraud . Which means people spend there hard earned money paying premiums and in the end they don't get covered when incidents happen .
Insurance companies work with banking system , well all know how slow the international banking system is, when transactions are to be done between insurance companies and the insured it can be so sluggish and time consuming. And as we know by now time is money
WHAT IS THE SOLUTION?
The solution is to the issues stated above would be available by creating an insurance company with transparent means of operations as well as swift transactions from anywhere in the world. Which brings me to Introducing you to the KNOX project. This is the first insurance company to integrate Insurance services in real time with a digital onchain section through blockchain technology. Blockchain technology over the years has been proven to be transparent , which means there will be lesser room for fraud, anti-firgery of insurance policies.
The Knox project otherwise known as INSCOIN is based on the ethereum blockchain, the INSCOIN project aims to leverage on the smart contract technology and thereby enable the Tokenization of the project which in turn will help boost the entire INSCOIN ecosystem.
GOAL OF INSCOIN PROJECT
To promote transparency in the insurance system
Bring about complete decentralization of the insurance system
With the aid of smart contract technology, reduce the problem of fake insurance policies
Premium payments will be made easier and faster through smart contact and blockchain technology
Through the help of smart contract technology, the problem of insurance companies not paying the insured when cover is needed will be over. As blockchain technology only promotes transparency and INSCOIN project is transparent .
On my next article on INSCOIN, I will be talking about the benefits of KNOX/INSCOIN project and why it should be embraced, Stay tuned!.
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Writer's information
Name:- Iyke