InsurePal helps boost blockchain business transactions through self-regulating social proof insurance, and this ecosystem is strengthened by the platform’s collaboration with Mattereum, a legal platform for property management and arbitration.
One of the benefits of insurance is peace of mind as possible contingencies are accounted for, but many individuals are not happy with the price they pay for this security. To fix this issue, InsurePal is revolutionizing the many different facets of the insurance industry by using social proof to dramatically lower costs by removing irresponsible people from the insurance pool.
As part of the effort by the first decentralized, blockchain-based social proof insurance platform to reward people who make responsible decisions, InsurePal announces that they are collaborating with Mattereum, the legal platform for making possible the legal transfer of property through the use of a smart contract.
Boosting Business by Creating Transparency and Trust
InsurePal brings responsible decision-making and social proof into the 21st century. It works by people taking responsibility by personally vouching for other individuals. If Bob vouches for Dave in regards to auto insurance, Dave gets a lower premium quote for his insurance and Bob receives a number of IPL tokens as a reward.
The social proof comes into play that Bob is then on the hook for paying the deductible, and the refunding of the IPL tokens, if Dave is involved in an at-fault accident. If Dave makes good decisions and is not involved in an at-fault accident, then both parties keep their benefits at the year’s end.
One of the most striking features of InsurePal is how it boosts blockchain business transactions. The rise of cryptocurrency has helped fuel the boom in online business blockchain transactions, of which there are 350,000 every day. Yet an element of doubt always remains as both parties can wonder if they can fully trust the other.
InsurePal brings in its patented social proof mechanism to create trust through transparency and shared responsibility. An insurance smart contract is created before the business transaction takes place. If one party does not fulfill their end of the deal, they, along with all of those individuals who have vouched for them, will be penalized to cover any losses. The level of engagement that an endorser has with a person will determine the penalty amount.
Having blockchain business insurance will serve as a catalyst for a major growth of such transactions due to the self-regulating security and trust that defines the social proof mechanism. Further transparency is evident by the Social Proof Trustscore that each participating endorser has, whether they are directly or indirectly endorsing the contract’s principals. This score is compiled from data collected from every transaction an individual is a part of. Thus, one can see how well one lives up to their agreements as well as those people whom they have endorsed.
Mattereum and InsurePal Sign Letter of Intent to Collaborate on Effective Mass Use of #Blockchain https://t.co/vWFxRIygDo #ethereum #insurtech
— InsurePal (@InsurePal_io) December 19, 2017
To provide the best possible ecosystem for decentralized, blockchain-based insurance management, InsurePal has announced its upcoming collaboration with Mattereum. Working with Mattereum, InsurePal will be able to provide certainty about the legal frameworks that manage legal rights over property on the blockchain by means of a synthetic jurisdiction. Mattereum provides natural language contracts, along with corresponding smart contracts, to facilitate common legal tasks. With Mattereum, individuals can manage intellectual property as well as real-world assets, such as real estate or other physical properties.
However, Mattereum goes a bit further than just creating a contract for use on the blockchain. Its natural language contracts specifically delegate legal authority to both the smart contract and to an arbitration association. The decisions made by arbitration have full legal weight behind them and are legally binding. As such, Mattereum adds a vital component to the ecosystem of InsurePal, which is now composed of insurance, blockchain ID, and arbitration. This added layer of arbitration and property management dovetails perfectly with InsurePal’s blockchain business transaction insurance.
A Winning Concept
Proponents of decentralized, blockchain technology recognize a winning concept when they see it. This was evident recently when InsurePal won 1st place in the ICO pitch contest at the d10e conferences in both Ljubljana, Slovenia and Bukarest, Romania. The d10e conferences focus on everything that decentralization brings to the modern world, such as the blockchain, Fintech, ICOs, cryptocurrency, and more. Out of a very talented field, InsurePal was singled out to take first place due to the strength of their unique concept.
The future of the blockchain is identity without authority, and digital trading will continue to expand along with the use of cryptocurrency. People are already using digital currencies to buy and sell assets, but there’s always a level of doubt involved. InsurePal is providing the trust and transparency that people are looking for through the self-regulating social proof mechanism.
Blockchain business transactions will benefit from the insurance offered by InsurePal, causing the field to grow exponentially. InsurePal is making important strategic partnerships, such as with Mattereum, to provide the three basic pillars of future blockchain business: blockchain ID, arbitration, and insurance. Security, trust, and tangible benefits for all parties will make InsurePal a vital component of blockchain business transactions.
You can learn more about InsurePal’s proof of concept to see how the decentralized platform will boost confidence in blockchain business transactions by visiting their official crowdsale website. You can also follow them on Twitter and Facebook, read their whitepaper and lightpaper, and talk to the development team on Telegram.
What do you think of InsurePal’s concept? Will social proof encourage safer, better behavior among the world’s insured? Let us know in the comments below.
Images courtesy of InsurePal, d10e, AdobeStock
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