Insurance is a good way to recover loss of goods and valuables, it can also be referred to as a means of protection from financial loss, almost everyone one knows that life is all about risks, but the steps we take in minimizing those risks is what differentiates the rich from the poor, you will hardly see a poor man insuring his/her property while to the rich ones, you need not tell them before actions are taken in this aspect, the act of insuring goods, properties and even lives has dated back to as far as 1750 bc, I'll rather not bore you with the details of how insurance came into place, but with the world evolving each day, i cannot but emphasize the importance of insurance.
Even tho we have a variety of insurance with the popular ones being
- Life insurance
- Health insurance
- Car insurance
- Education insurance etc
Health insurance helps to cover medical costs for effective treatment,
Car insurance protects against any unwanted accidents,
Home insurance helps to cover damages to one's home such as fire, earthquake etc
The overall importance of insurance is that it ensures
- Safety
- Security
- Coverage
- Protection
However with the benefits/importance listed above there seem to be a lot of gridlock in the insurance industry as a host of this companies are only in it for their selfish interest and the ones who do not, experience great loss resulting from attacks involving huge investment costs(to be delebrated on later)
In order to provide solutions to this, inscoin with the blockchain technology will create a trustless network where people can validate transactions, and most importantly non-falsification of documents of certification, this creates a transparent and open platform, where the insured can monitor things closely and while the insurer does its job, with all actions signed using smart contract.
Advantages of inscoin with blockchain technology
Spread of false insurance policies is avoided through the use of smart contracts
In any event of accidents,the blockchain system (smart contracts) would decide if the accident is compliant the policy thereby increasing transparency between company and customers.
With inscoin on track to be the first initiative in the insurance company, i believe they have what it takes to achieve its goals, however for more information please feel feee to visit any of the links below
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