SafeShare Insurance over Blockchain for Shared Economy Businesses
SafeShare, an insurance services company has launched a new blockchain based insurance product targetted towards the sharing economy businesses. The Blockchain technology is designed to be secure by default as it stores important cryptocurrency transaction data. The information stored on blockchain is responsible for the execution of transactions and prevention of double spending. The bitcoin blockchain is built around the SHA-256 encryption system to secure data. The open source nature of bitcoin technology has facilitated its adoption in sectors other than mainstream cryptocurrency. It....
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The number of hacking attacks on various companies, irrespective of their business have been on a rise across the world. The increasing frequency and the extent of such attacks have driven the costs of obtaining a cyber insurance cover upwards. The premium for such insurance policies vary from business to business, based on the factor of risk associated with them. Among all the businesses, banking, finance and especially cryptocurrency based businesses are the worst affected due to drastic increase in rates and deductibles. Over that, insurers in some cases are also setting a cap to....
As early as the 2nd century BCE, Babylonian traders insured goods from loss at sea by paying a premium on loans. If they paid a little extra when they borrowed, the debt would be forgiven if a freak wave swallowed their cargo en route to market, or if pirates attacked their ships. The bitcoin economy is drastically different, but the need to insure against theft or accidental loss remains. Recovering lost bitcoin is as impossible today as raising ships from the floor of the Mediterranean would have been for the Babylonians thousands of years ago. Fulfilling that need is a different story,....
The blockchain technology has now entered the insurance sector, making it possible for the insurance companies to offer policies to suit the customers' needs. The use of blockchain technology in insurance sector is something relatively new. London, the fintech destination of Europe is the first one to explore the potential uses of distributed technology in the insurance industry. The Capital of England already has a couple of companies who have already implemented it into their offerings. The blockchain is known for its transparency, security, immutability and reliability. All the....
Five insurance giants, Aegon, Allianz, Munich Re, Swiss Re and Zurich, which in combination manage trillions of dollars in assets, have launched a blockchain initiative B3i to study the feasibility of the use of blockchain technology for insurance and to launch a blockchain based insurance proof of concept. “We are thrilled that Allianz is investigating emerging technologies such as Blockchain together with other key insurance industry players”, said Christof Mascher, Chief Operating Officer of Allianz Group. “This initiative, enabling alternative operating models based on the Blockchain....
The former vice chairman of China Insurance Regulatory Commission (CIRC) Wei Yingning has said Blockchain technology could revolutionize China’s multi-trillion yuan insurance industry. Speaking at the opening ceremony of the China Blockchain Application Research Center in Shanghai Sunday, Yingning said Blockchain held promise for the industry which the Internet failed to deliver. Growth in life insurance alone last year reached 55 percent, with premium income touching 2.9 tln yuan. “In the modern insurance industry, the cost of auditing accounts for 30 percent or even 40 percent of the....