A friendly blockchain mutual aid community - InsChain mutual aid community is online today

2018-04-16

Banking, insurance, and securities have gradually become the three pillars of the financial industry in modern society. It is not difficult to find that these industries have different development trajectories, and they also have different problems. With reference to the banking business, we can conclude that technology is a powerful tool for improving the user experience in the industry, such as Alipay, Lufax etc.

The insurance industry originated hundreds of years ago. At that time, people gave full play to the spirit of mutual assistance and used the mutual aid model to raise funds to resist the harm of unpredictable natural disasters to an individual. This method has become increasingly popular and has become an excellent tool for risk management. However, when insurance penetrates into the entire world, the risk-sharing population becomes more and needs more resources and manpower to manage. In recent decades, the above problems have become particularly serious, but there is no fundamental solution until the emergence of the blockchain, artificial intelligence, and big data. These technological means can be used to study the security needs of people and create a safe blockchain network.

By using the blockchain technology、AI and big data, InsChain is dedicated to solving the long-term pain points in the industry and developing a friendly mutual community based on it.

We conducted a throughout research on various important issues in the traditional industry and proposed solutions:

1. Lack of understanding of Risk management

Take an example of an unexpected risk. The accident has become the third leading cause of death, according to WHO. In China, the annual number of abnormal death exceeds 3.2 million, and an average of 8,767 deaths per day with an average of 6 people per minute. In other words, at least 3 people die due to accidents within the 30 seconds that you read this text. However, the rate of insurance coverage in Asia is much behind than developed countries, and China’s insurance coverage rate is only one-fifth of the United States.

inschain devotes to build a smart mutual service platform based on blockchain to maximize the coverage of beneficiaries. We delve into the origins of insurance - mutual assistance and argue that the blockchain-based mutual aid model will benefit the ordinary people. This model will not only provide preferential access fee for participants, also to create a secured、reliable and user-friendly mutual community. Take an example of our community, every member can make own demand for mutual aid projects and conduct a vote if it is necessary. After that, our P&D team will add the reasonable requirements to the project.

2.Expensive premiums & Process Opacity

The existing insurance system requires tremendous resources, including sales commissions, operating expenses, fund reservations, and company costs, accounting for about 30% of premiums. In addition, the centralized model cannot be fair and open in user information storage, premium estimation and claim compensation. insChain considers blockchain to be a credit system. Its decentralized distributed ledger can permanently record any details of the business link, through the Smart Contract and combined with AI and Big data analysis, joining and claim process can be completely automated, and any event and location can be queried with complete openness and transparency. By this method, the fraud rate can be significantly reduced, thereby reducing the membership fee. For instance, the Million Mutual Aid project is totally based on technologies above and sets a reasonable threshold for donation and pre-store. When no accident occurs, the deposit amount will not be changed and the membership will remain intact.

3. frequent fraud

Insurance fraud is a troublesome problem for centralized organizations in the industry. insChain eliminates the occurrence of such incidents through a full publicity model based on blockchain technology. Under the insChain’s mutual aid model, third-party investigation agencies will conduct independent investigations of the incidents, verify them and publish the results in the entire community. All members can participate in and report the dishonest behaviors, which fundamentally solves the problems.

4. User privacy protection

You must have heard about the Facebook user data leakage, and Insurance companies have more sensitive data. How to keep the User privacy from maliciously used is always the priority in this industry. insChain put the privacy on the first and has developed an ultra-safe storage system, which allows the applicants’ personal information be permanently stored in the blockchain, and these data will not be tampered by any other individual. Moreover, the block that stored users information requires the user’s authorization to access.

insChain mutual community perfectly combines the caring and mutual assistance, to create a “ one for all, all for one “ place. In addition to enjoying high-quality mutual benefits, the members can also access the latest news in blockchain development. There will be more various mutual aid projects on our platform, insChain invites its members to create a world of blockchain and mutual assistance.

Today, the long-awaited insChain mutual aid platform, a decentralized mutual aid ecosystem created through blockchain technology, has been officially launched! The first product to be launched is the million mutual aid project. Each user who meets the entry requirements participates in the mutual agreements through personal identity. If an accident occurs, they can obtain mutual aid through smart contracts. While enjoying mutual benefits, it will also provide donations to other members when they are at risk.

During this event, we will give away 100,000 free membership. After each member fills in the information form, he/she will get 11 points as initial dues and become the free member. Registered members who successfully invite anyone to register and join by sharing the exclusive invitation code will receive 5 extra points per person. Points can only be used on the insChain platform.

In addition, the members can join the mutual aid project by enrolling the already owned GETX or ETH authorization into the smart contract. Please feel free to experience the new blockchain mutual assistance community! Please stay tuned with us!

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