A car got damaged during an accident, a house was burglarized, a business experienced a financial melt down; all these are unpleasant, but the truth is that life is full of risk and everyone is faced with one risk or the other. How these risks are being managed is of a great importance, but thanks to the idea of insurance.
Insurance is a system of preparing for risk which may occur or not; hoping for the best and preparing for the other at the same time. It is very advantageous in that it acts as absorber to the effects of damages or losses. There are various companies like Prudential PLC, Zurich, etc, are engaged in offering this service.
Imagine how benefiting this system is, yet people find it hard to entrust their investments into it; this is due to the high cost, widespread of fraudulent activities, lack of trust and transparency etc. It has also been discovered that this marketplace is experiencing a poor growth rate. All these have led to the creation of Inscoin platform, to give solutions to all the challenges.
Inscoin is a platform developed to reform the insurance ecosystem. It will eliminate all the flaws occurring in the system via the great potentials embedded in the blockchain technology. It will incorporate the project Knox which will be the first Insurance platform which allow the use of cryptocurrency to pay for insurance premiums.
INSURANCE AND BLOCKCHAIN
Interaction between insurer and insured has always been without transparency, this has led to the increase rate of fraud in the system. But the incorporation of the blockchain technology will enhance the transparency level of the system and clear all form of falsification of insurance policies. Every transaction will be on a public distributed ledger, setting the ecosystem on a decentralized mode.
The elimination of false insurance policies will be made possible through smart contract, it will be the one to issue the policy at the instance of payment. Smart contract will enhance adequate judging on which damage or loss is to be paid for or not to be paid for; this is usually determined by the insurance companies, but it has been discovered that they judge base on their own interest.
Why should we utilize INSCOIN?
➢ Improve the transparency of the insurance system.
➢ Allow the use of cryptocurrency to pay for premiums.
➢ Improve the efficiency of the system.
➢ There will also be a reduction in the cost of transaction.
➢ Adequately solve the problem of forgery and falsification. Authentication of insurance policies.
The fundamental token of the platform is called INSC which is backed by the ethereum smart contract. It exist in the form ERC20. It will be used in accessing various activities on the platform, including the payment for premiums.
Inscoin is a great project with a lot of potentials to bring about the revolution of the global insurance system. The system has now come into an era of improved efficiency, and many individuals can now adopt the system.
If you love this project and will like to stay updated about the INSCOIN progress, endeavor to contact the team by reaching out through any of the links below;
WEBSITE: https://inscoin.co/
WHITE PAPER: https://inscoin.co/#whitepaper
ANN THREAD: https://bitcointalk.org/index.php?topic=4422850
TELEGRAM: https://t.me/inscoinico
STEEMIT: https://steemit.com/@inscoin
FACEBOOK: https://www.facebook.com/Inscoin-for-Knox-1802470656458272
TWITTER: https://twitter.com/INSCOINforknox
LINKEDIN: https://www.linkedin.com/company/inscoin-holding-ou/
Authors bitcointalk profile link;
https://bitcointalk.org/index.php?action=profile;u=1982554