INSCOIN: Insurance on Blockchain

INSCOIN: Insurance on Blockchain | Ecency

Over view on insurance

Insurance is a contract in the form of a policy, in which the insurer or an entity receives a financial reimbursement in the event of losses from an insurance company. Historically, insurance is dated back to the ancient world. Over the centuries, insurance has developed in to a contemporary business of protecting people from different types of risk. This industry over the years has been profitable and has been an important aspect of both private and public long-term finance.

In the ancient times, the first record of form of insurance was documented by the Babylonians and Chinese traders. In order to limit the loss of goods, merchants divide their goods among different ships that had to cross perfidious waters.

Challenges facing Insurance Industry
Customer satisfaction: one of the biggest challenges that is facing insurance industry is customer satisfaction. Demand for policies and gratifying customers needs is the major priority of every insurance company. There is need for insurance companies to settle claims fast and have their policies designed according to the requirement.

Technology: technology advancement is constantly changing, and this is a cause for concern in the insurance sector, as this advancement distracts them from the core task. This makes them to use they time and financial resources to train their employees to work on new software.

KNOX solution to the challenges
KNOX project provides for the establishment of first insurance company that will amalgamate the real world with the digital world using Blockchain technology, this will create most efficient and advanced structure in the insurance policies.

Blockchain is the newest technological advancement to enter the picture. Blockchain is a growing list of records called blocks, which are linked using cryptography. Blockchains are readable to the public and are widely used by cryptocurrencies. Blockchain in its public implementations solves the fundamental problem of creating a trustless and permissionless network, where participants can consider the validity of transaction. The non-falsifiable certification of documents is one of the most important application of Blockchain technology because a certified document on Blockchain can’t be changed.

The KNOX project will use the Ethereum Blockchain, which presently has the highest number of real used cases and economy of services and transactions currently in operation.

The goal of KNOX is to use Blockchain technology and decentralize the whole of insurance industry. Decentralization of insurance system means the transformation of traditional insurance policies from paper into smart contracts.

Benefits of smart contracts
• Smart contracts will eliminate the spread of false insurance policies, because the same system that issues them after payment is received.
• Companies will not have delays in collecting credits, because the policy is issued only after receiving the payment. This will significantly help in running of the company itself.
• In the event of an accident, smart contracts will be the real judge and not the company which might be biased by trying to be opportunistic.

Token distribution
Inscoin maximum supply is 500,000,000
Taken sales: 54%
Blocked reserve: 15%
Team and advisors: 10%
Reserved distribution: 9%
Broker network partnership, legal and insurance advisor: 10%
Airdrop and bounty program: 2%
All unsold token will be burned.