Traditional insurance policies provide sums and guarantees or personal bonuses when due. This plan takes limited exposure in high risk equity and hence the downside probability is also low.
What is InsCoin for Knox?
The KNOX project will be the first insurance company that merges the real world with the digital one using Blockchain technology, creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies.
The Goal of Inscoin for Knox
The goal of KNOX is to reach, by exploiting the blockchain, a decentralization of the whole insurance system. Decentralization means the transformation of traditional insurance policies from paper into smart contracts.
What can be done with a smart contract from Inscoin for Knox ?
) With the smart contract the spread of false insurance policies is avoided because it is the same system that issues them after receiving the payment.
) With the smart contract the company won't have delay in collecting credits, as the policy is issued only after receiving the payment. This factor aims to significantly improve the management of the company itself.
) With the smart contract in the event of accidents the real judge who will decide whether or not to pay them is no longer the company, which could have an opportunistic behavior, but the block-chain system will decide if this accident is compliant with the provisions in the policy. This benefit will be the most important as it will increase the transparency of the company towards customers.
Smart Contract Policy
Through the payment of the inscoin policy, as shown above, the customer will receive not only the authenticated and standardized policy, but will also receive the code of the policy that will coincide with the address of the smart contract related to the policy. Mainly the latter serves to give an irrefutable proof of the origin of the policy. With the issue of the smart contract the customer and the bene fi ciary can verify that the policy is covered and can check that it was issued by the Company.
Author : iulius99
BTC : https://bitcointalk.org/index.php?action=profile;u=156562
ETH Addres : 0x3ddE644022ecbe3AE546424eC090d1f2Ac821877