PolicyPal x Blockchain = Pal Network
Before we get to my favorite part (blockchain), let’s try to understand what Blockchain is and for that. Here’s a video:
Now that you have a rough idea on what Blockchain is, let’s see how insurance can be on the blockchain. If you would like to learn about it more in detail: here’s an amazing article on Hackernoon.
PolicyPal ran their ICO in March 2018 and raised an equivalent amount of US$20 million in Ethereum. These funds will be dedicated to building Pal Network, a blockchain-based insurance ecosystem.
2018 was a terrible year for Cryptocurrencies and Pal Network has seen its US$20 million cut to more than 80%. Regardless of price, Pal Network has fulfilled their promise by meeting their respective milestones and launching their products. Also, PolicyPal is an entity with an actual product that is serving 50,000 customers with its mobile app.
Common Misconceptions — Policypal and Pal Network
is a Blockchain technology development company that focuses on bringing transparency and accessibility to the insurance market. Their technological advances will, no doubt, assist PolicyPal in providing a better user experience for insurance-related matters.
As discussed above is the affiliated company to Pal Network. Its focus is on the flagship app that digitizes and collate consumers’ insurance policies. A platform where consumers can easily purchase, store and make claims.
The two entities work hand in hand in facilitating a better experience in insurance.