Is Industry Ready to Insure Bitcoin Technology?
Can a disruptive technology like Bitcoin ever be insured,' wonders Innovative Insurance Group President Ty Sagalow. In one of his recent blogposts, the insurance veteran referred to Bitcoin as "a new risk in the technology space", saying that the insurance industry will have to create new underwriting techniques and protocols if it wants to cater to the digital payment industry. To make things more clear, he exemplified the famous "Y2K crisis" in the late 90s that had insurance industry writing new rules for insuring technology. "So we created "Y2K insurance" and made it available only to....
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Teambrella, a peer-to-peer insurance system that utilizes bitcoin wallets and multi-signature addresses, recently released a demo on its website to show how the self-insurance system works. Teambrella uses bitcoin multi-signature addresses to allow users to manage the flow of funds in a trustless, decentralized way. It will initially offer supplemental coverage for collision car insurance and pet veterinary insurance, with more types to come. Members Insure Each Other. Under Teambrella, users insure each other. They retain control over their own funds at all times. Reputation systems....