London, 16 February 2018: Mattereum and InsurePal have announced the Identity Insurance Consortium (IIC) to drive insurance-based identity solutions to underpin the security of commerce on the blockchain. The IIC represents the infrastructure network of services covering critical aspects needed to accelerate the adoption of blockchain commerce. New members are invited to join the consortium in order to grow the ecosystem of identity sovereign assurers building a global network of trusted partners.
Mattereum, the company founded by the launch release coordinator of the blockchain platform Ethereum, Vinay Gupta, with co-founder Rob Knight, and InsurePal, the first decentralized social proof insurance service, have today announced the establishment of the Identity Insurance Consortium (IIC)
Mr Gupta announced the launch of the consortium at the Blockchaingers Global Digital Identity Deep Dive in the Hague. Recognising the need for identity assurance for blockchain trades, Mattereum CEO Vinay Gupta said: “Mattereum is bringing legally enforceable blockchain based smart contracts into wider use in an environment in which identity fraud is still a concern. Insurance-based identity protection is an important tool in neutralising this threat so that trades on the blockchain can become more widely adopted.”
Both IIC founding members share a vision of a future blockchain economy, consisting of three pillars: blockchain insurance, a dispute resolution body and identity sovereign* assurers. Working collectively they form the decentralised infrastructure needed to accelerate trust between members of the blockchain community when transacting products and services.
As InsurePal CEO Matt Peterman explained: “A seller or purchaser’s proof of identity can be lodged with an insurer who can then issue a policy against which any transaction can be linked. This is safer and more convenient than providing sensitive identity documents each time an individual or company conducts business on the blockchain.”
Christopher Wray, Mattereum Chief Legal Officer, added: “The existence of identity insurance means that disputes that could arise will be substantive ones related to legal obligations of a contract rather than the more basic issue of identity fraud. This leaves Mattereum free to focus our energies and resources on producing legal texts and developing their digital equivalents for our clients and their customers, who can be more confident of a speedy and efficient legal process even if a dispute arises.”
The IIC will develop identity insurance solutions and bring identity insurance products to market through an ecosystem of providers who will act collectively as the guarantors of identity for all blockchain transactions and trades by those insured through the consortium and its members. Organisations in the insurance sector and those already involved in blockchain trades are invited to become members of the Identity Insurance Consortium and contribute to its development. For more information