|Mkt.Cap||$ 33.84 M||Volume 24H||0.00000000 DIP|
|Market share||0.01%||Total Supply||1000 M DIP|
|Proof type||N/A||Open||$ 0.03|
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Etherisc, the first decentralized insurance
This new blockchain technology directly addresses those issues as the insurance products are automated. This automation transforms and simplifies the claims process so that a farmer does not need to submit a claim, and, at the same time, the insurer does not need to send a claims adjuster into the field.
We will go through all the steps necessary to interact with the GIF CLI on the basis of our default sample contracts. You can create your own products (contracts) using whether required basic methods or other methods and business logic developed and implemented by yourself. For your convenience, we also provide the addresses of the smart contracts, deployed in the blockchain test network Rinkeby. These contracts enable the necessary functionality for the GIF CLI. In particular, you should use the ProductService contract to deploy your own product’s contract.
As you can see from our example, it helps to apply for a policy but it is also used for underwriting applications, as well as creating and confirming claims. By this method, you can send transactions to the contract’s method. As a result, the state of the contract is changed and a transaction on the blockchain is made. method, that requires to input a unique key of the business process — an identifier in your product database (the “key” line in the example above).
To make interactions with the GIF efficient and pleasant, the very first thing to do is to setup the required working environment. Such environment already exists and runs in the sandbox with all the necessary core smart contracts deployed, as well as microservices activated and ready to use. In addition, you should install NodeJS (version 8.12.0 or later, npm version 6.4.1 or later) and Python. Blockchain can provide the means to disintermediate the market with a peer-to-peer risk platform that helps insurance return to its roots as society’s safety net. We even envisage new groups building their own bespoke insurance risk pools and services on the platform.
After this, the policy is either accepted or declined. In case the policy is accepted, we schedule an oraclize call for the time of the landing. The contract manages the operation of an insurance-like business process, allowing users to apply for policies, and an oracle for underwriting and payout in case of claims. They also applied the same model of parametric insurance to crop insurance based on weather data. They learned parametric insurance works well here because it originates a pre-established payout based on a triggering event, rather than waiting to evaluate and compensate for a specific loss.
Their approach proved that smart contracts can reduce operational costs to a level that enables new markets, potentially bringing the benefits of insurance to millions of farmers in developing countries. We also applied the same model of parametric insurance to crop insurance based on weather data. We learned parametric insurance works well here because it originates a pre-established payout based on a triggering event, rather than waiting to evaluate and compensate for a specific loss. Our approach proved that smart contracts can reduce operational costs to a level that enables new markets, potentially bringing the benefits of insurance to millions of farmers in developing countries. Like other methods related to the “lists” of particular issues, this method results in the list of customers of your current productt.
The same key is used when you apply for a policy (the 20th step in our example). method, the CLI demonstrates the artifacts of the current product as they are registered on the GIF (compare the “name” of the product “SimpleProduct” instead of “one” at RabbitMQ).
We have implemented an Access Control List (ACL) which keeps track which contract may call which function in other contracts. The ACL itself is kept in the central database.
Then, we can create our product contract taking the following one as an example. We create a SimpleProduct.sol file in the “contracts” folder in our “my-first-product” directory with the content below.
- Ethereum, in short, is a form of public Blockchain, designed to provide the ability to create, publish and manage peer-to-peer smart contracts.
- We create a SimpleProduct.sol file in the “contracts” folder in our “my-first-product” directory with the content below.
- This command clears up the .gifconfig.json file in your home directory.
- The next step is to equip product builders with a plain and powerful solution, enabling them to operate the GIF, as well as a sandbox for it.
They want to democratize the insurance market, making insurance fairer. On their platform middle men will almost entirely be cut out, as you only need market demand and good access to the insurance market. We also started working with EY to explore the regulatory and legal aspects of setting up and operating an insurance company on blockchain.
In addition, this process results in reduced administration costs and, subsequently, a higher percent of premiums being used for claims payment and immediate, fully trusted pay-out. #British charity @Oxfam made pay-outs to farmers in Sri Lanka with its #blockchain-based insurance solution. The solution was developed in collaboration with InsurTech startup @etherisc and insurance firm @Aon_plc. In April 2017, Etherisc won the Blockchain Oscar for “Most Innovative Blockchain Startup”. They also started working with EY to explore the regulatory and legal aspects of setting up and operating an insurance company on blockchain.
Etherisc already had their first prototype working in 2016, which was a flight delay insurance and in 2017 it was live again for DevCon3. They will have lots of products, which are all in different stages of development. One can think of social insurance, crop insurance and cold storage insurance of crypto assets. Etherisc offers a “decentralized Insurance Protocol for collaborative development of new insurance products”.
There, you can find a list of currently available commands. The execution of this command looks like that.
You need to use it only in case you want to make a new user instead of the previous one. This command clears up the .gifconfig.json file in your home directory.
This blockchain-enabled microinsurance product has been successful with its first payouts to farmers, demonstrating the viability of blockchain in insurance further. The use of blockchain, in this case, helps by automatically verifying risks, simplifying claims and enabling affordable insurance. We have seen several incumbents such as ZhongAn, AXA launching blockchain solutions and with the success of Aon, Etherisc and Oxfam’s solution we expect more examples going forward. This is the case of Etherisc, a German startup that aims to be the first decentralized insurance based on Ethereum technology.
Accelerators targeting health insurance companies
You can read more about that in our 2016 whitepaper. Decentralised insurance will be a big market and Etherisc is with its open protocol on the forefront. The Team includes experts from the Insurance and and as well Developer community. They have as well a good established global network to kickstart there business.