InsurePal is the world’s first decentralized social proof insurance service. It aims to accelerate trust between members of the crypto community when transacting products and services, building a much more affordable insurance sector based on social proofing through rewarding behavioral patterns that benefit not only individuals but also groups and society as a whole.
The company challenges the current practices in the insurance industry, which fail to provide a transparent and fair pricing model. Their blockchain-based platform aims to connect responsible individuals in a peer-to-peer insurance relationship by introducing social proof endorsements. In addition to the traditional insurance markets (eg. motor car, life, health) InsurePal will also engage with new ones, emerging alongside blockchain.
The Central Issue for Blockchain Expansion is Trust
The decentralized economy is a rapidly growing alternative economic sphere.Cryptocurrenciess have already attracted many investors and the underlying technology is quickly evolving into a new ecosystem for business, offering ever more value to its users. The potential cost and efficiency benefits of the distributed ledger are already understood, but a great deal of responsibility for the effective functioning of the system now moves from institutional intermediaries to individuals.
InsurePal to Offer Insurance of Business Transactions on Blockchain
InsurePal has recognised that public and individual trust is central to the future of widespread acceptance of the blockchain. Therefore, for blockchain to work, individuals must trust the system. They believe that ensuring financial compensation in a case of a breached business transaction agreement will deal with the lack of trust between stakeholders and greatly accelerate blockchain acceptance. Besides, social proof can bring the premiums down to a level where insurance can be included in any blockchain based smart contract transaction which, in itself, will be a major public benefit.
InsurePal and Mattereum Signed a Letter of Intent to Collaborate on Effective Mass Use of Blockchain
Mattereum is building the first Internet of Agreements infrastructure project, bringing legally-enforceable smart contracts to the marketplace and enabling the control and transfer of rights in material and intellectual property as well as digital assets, enforced by an international commercial arbitration. One of Mattereum`s founders is Vinay Gupta, a respected member of crypto-community and a previous release coordinator for Ethereum.
Mattereum and InsurePal share a vision of a future blockchain economy with three pillars: insurance, arbitration and identity. The companies signed a letter of intent to collaborate in using blockchain to empower individual users of the technology. InsurePal will offer insurance of blockchain business transactions while Mattereum will act as a decentralised court of arbitration for disputed smart contracts.
The collaboration will bring together InsurePal’s social proof model of shared-risk insurance and Mattereum’s dispute resolution infrastructure, both underpinning and boosting the growth of the user-managed crypto-economy. Together, insurance and dispute resolution support claim about identity that can be relied upon because those claims can be insured and compensation in case of misidentification can be legally enforced.
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