i-chain

Due to its’ open, trusted and secure nature, blockchain acquires most attention currently. Its’ distributed ledger, smart contracts and non-repudiation capabilities enables blockchain as infrastructure that can transform multiple processes across the insurance value chain. 

Insurance industry is considering blockchain cautiously as technology, there are issues which industry is facing currently.

A common Insurance Platform which we propose will simplify insurers to implement blockchain solutions, resolve scalability, expertise and regulation issues. Platform would make it possible for individual insurers to compete for customers, offering a range of products and prices by virtue of the products linked with smart contracts they set up on Platform. Moreover, a blockchain could allow the industry as a whole to streamline its processing and offer a better user experience for customers. At the same time, storing claims and customer information on a blockchain would cut down fraudulent activity.

Platform will be provided for free for every business or community which would like to use it for business, will be open sourced, will open new opportunities for new players on insurance market, will create new jobs and will make insurance products fair and affordable for everyone.