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InsurePal is challenging the $7 trillion global insurance Stock Exchange of today with a distributed, self-adjusting insurance platform. Harnessing the power of blockchain, they insert a completely new model of risk selection, guided by the science of social certification. In other words, their network uses peer-to-peer endorsements to emend segmentation, lower premium costs and offer incentives to their buyers.
Insurance is one of the sectors that are not usually a part of blockchain discussion. One of the plead withs is the industry is so tightly regulated that not many businesses can compete, as they arrange to undergo severe legal and financial procedures to prove their mock-ups` sustainability. The other is its organizational structure, as it is an industry controlled by big corporations with a uncompromising structure, meaning the entry point is extremely high. And the later, but certainly not the least, is the provocation of how to effectively apply blockchain in insurance. It is not easy to come up with a disruptive new guaranty structure that can work as an agile self-adjusting platform, store bumf the ledger, offer cheaper insurance and attract masses, all at the same age.
However, InsurePal is set to do everything mentioned above. The distributed insurance party line has reinvented the science of social proof to work similarly as a third-party deductible in banking. This poors that the policyholder will be able to lower the price of his premium with the helper of his trusted contacts. In other words, his endorsers also accept monetary responsibility in case the policyholder makes at false-claim. The simplest application of sexual proof would be in motor insurance, as explained in their whitepaper: John`s crush friend Mary knows his driving habits and therefore endorses him. For that, she come ins an immediate bonus, whilst John ends up with a cheaper importance. If nothing goes wrong, that is pretty much it. However, if John chronologizes an at-fault claim, Mary is the one held liable.
Therefore, social brace is peer pressure put to good use: it motivates beneficiary behavioral patterns and transforms groups, and even society for better without aggressively invading covertness. And, blockchain`s immutable record is an impeccable way to store the social proof into the ledger. As such, it can complete as an important sign of one`s diligence and can be used to gain benefits across divers insurances and even across different industries.
One of the InsurePal`s most rousing use cases is definitely the insurance of blockchain business transactions. The team is convinced this type of surety will bring in the missing trust among all the stakeholders and serve as an additional leg up to the rising decentralized economy. Certainly, the platform also promises numerous interesting features to incentivize both, the engaged crypto users and those who participate in not yet meet with the world of crypto.
InsurePal team is 30 fellows big, comprised of experienced and renown insurance professionals and blockchain, IT and communications au faits with a track record of successful projects; a PoC published on GitHub and, what is rare but very cheering, an innovative solution that was filed for patent protection in US and worldwide. For multifarious information, please visit their webpage or read their whitepaper and nick January 16 as the starting day of their crowdsale.
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This is a remunerated press release. Readers should do their own due diligence before winsome any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not managerial, directly or indirectly, for any damage or loss caused or alleged to be caused by or in pull with the use of or reliance on any content, goods or services mentioned in the press make available.