Created on 6th September 2023
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At InsureChain, we're pioneering a revolutionary shift towards greater financial inclusion and affordable insurance access through blockchain technology. Traditional insurance models have long been costly and exclusive, leaving millions without protection in times of need.
But here's the game-changer: InsureChain leverages blockchain to streamline operations, cut out middlemen, and significantly reduce costs. Our mission is clear - to make insurance accessible to everyone, regardless of income or background.
Imagine a world where your insurance is affordable, transparent, and designed to empower you. With our proprietary token system, you not only protect yourself but also participate in the growth of our platform, reaping the rewards as we succeed.
Claims management processes are also safer because we validate events directly from independent databases using oracles, reducing fraud and further contributing to cost reduction and offering cheaper protection.
The project contributes significantly to the scaling of Drex and its value proposition, as the management of the insurer's technical reserves, which in the traditional market represent USD 300 billion in assets (source: SUSEP - Brazilian insurance regulator), will be made up mostly of Brazilian government bonds .
The main thing was to think about how we could integrate our project with Drex, since there are still no definites. We are assuming that custody is done by a financial institution authorized by the Central Bank, to which we will send funds in Fiat / Crypto, and it will operate the acquisition of public securities tokenized in Drex.
We also had to think of an insurance product to use in the prototype, from which we could get a database in time for the buildathon. We chose to build the prototype with travel insurance, a reasonably simple insurance product to show the functionality of a decentralized insurance operation, and we have independent public flight data for the connection.
Tracks Applied (2)
Internet Computer
Lido