The Inscoin for Knox project is a platform which leverages on blockchain technology to create a highly organized structure in the insurance sector. The project aims to find solutions to problems of certification and anti-forgery nature of insurance policies. It is a known fact that blockchain is a secure and trustless decentralized database, hence the chances of falsifying information on the distributed ledger technology is almost impossible.
The platform carries out its objective by decentralizing the entire insurance system; by so doing, currently existing insurance policies will be converted into smart contracts (mainly ERC20) rather than into manual paper work.
WHY SMART CONTRACT?
The following are the reasons why smart contracts have been integrated into insurance sector policies:
• As blockchain cannot store or verify unauthentic information, the use of smart contract will ensure that false insurance policies are not spread
• The use of smart contracts will foster transparency in the insurance-company relationship. Rather than the use of human intervention in deciding whether an occurring event such as accident deserves payment or not, this responsibility will be taken up by blockchain as human judgement could be biased, manipulated or sentimental. Blockchain will verify if the occurrence is in line with the terms in the corresponding insurance policy, if it is, the company gets paid
• Smart contracts are based on blockchain, hence transactions are swift. With its application in the insurance sector, delay in obtaining credits by companies will be eliminated. Every transaction will be co-ordinated and timely
TOKEN
The token to be used on the Platform is known as INSCOIN. It is built on the ethereum blockchain and will serve as a means of paying insurance premium. Also holders of the Inscoin will have access to determining how genuine a particular policy is.
TOKEN SALE INFORMATION
Token Ticker: INSC
Token Type: ERC20
Maximum supply: 500,00,000 INSC
ICO Price: 1ETH =5000 INSC
For more information about INSCOIN, kindly visit:
Website: https://inscoin.co/
Whitepaper: https://inscoin.co/documents/Whitepaper-EN.pdf
Twitter: https://twitter.com/INSCOINforknox
Facebook: https://www.facebook.com/Inscoin-for-Knox-1802470656458272
Telegram: https://t.me/inscoinico
ANN Thread: https://bitcointalk.org/index.php?topic=4422850
Writer: Crypto4ruby
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1788350
