The insurance company SafeShare has launched an insurance service based on the Blockchain.
This service focuses on the Bitcoin secret
The blockchain is ultimately a secure data storage system with a good review in terms of design, which is why it is also used for crypto currencies. The stored Bitcoin secret is responsible for concluding transactions and prevents money from being spent more than once. The Bitcoin blockchain encrypts the data using the SHA-256 mechanism and thus secures all data.
Thanks to Bitcoin’s open-source approach, the technology could be implemented and applied beyond crypto currencies, and other information can be stored in addition to financial transactions. The blockchain can thus be used to create irreversible data records whose creation date can be verified by time stamps. These two characteristics are important for industries and sectors that are directly or indirectly related to finance. The insurance business is one of these industries.
Insurance services have not changed much in a long time, but with the increasing use of various technologies, the need for adapted insurance for the end consumer is increasing. Ten or twenty years ago, we heard nothing at all about many of today’s business ideas.
These new ideas are often denied insurance because the products and services do not fit into the old experimental models. The time is ripe for insurance companies to adapt to today’s market and offer theft benefits that fit today’s challenges.
In an effort to adapt to these new challenges, there has also been a look at blockchain technology: A few days ago, for example, the insurance company SafeShare announced that it was offering an insurance solution for the sharing economy based on the blockchain.
Cryptosoft – for a secure sharing economy
SafeShare is a new type of cryptosoft insurance service provider based in London and part of Cornerstone Insurance Brokers Ltd. SafeShare focuses on startups offering solutions for the sharing economy such as Airbnb or Uber.
The service providers that use Airbnb or Uber, for example, need real-time insurance offers that become valid when a new customer wants to use the services. This is exactly what SafeShare’s blockchain-based solution achieves.
The blockchain technology used by SafeShare was implemented by the Z/Yen Group. This company used MetroGnomo, an open source framework, to create and save time stamps. Using this blockchain application, SafeShare can offer its services in real time and simultaneously archive a history of already insured transactions.
The insurance service offered by SafeShare via the blockchain is guaranteed by Lloyds through a 24h hotline. In addition to being able to offer suitable insurance models in real time, Bitcoin’s technology keeps the cost of services under control.
The startup Vrumi, a kind of Airbnb for offices in London where users can offer free living space as coworking space, is currently working with SafeSahre Insurance to offer Vrumi customers a suitable blockchain based insurance solution.
The Blockchain technology will help companies evolve at the pace of modern technology and take advantage of markets that are far removed from their own industry.