The idea of insurance started, unsurprisingly, with merchants. Over the ages, this concept has undergone major improvements, primarily thanks to Chinese and Venetian merchants. The modern insurance industry is comprised of two structural components – carriers and policyholders – connected by a middleman, usually a sales team.
While the global insurance ecosystem accounts for 5.7% of the world’s economic output, discernible innovation in this field has been lacking. This stagnation has exposed structural inefficiencies which can be effectively addressed by inventive collaboration via the blockchain.
By utilizing blockchain technology for insurance, PolicyPal Network is looking to create a decentralized platform to facilitate the purchase of insurance policies. Its portal is also intended as a secure validation point for swift and easy disbursement of funds.
Overview of the Platform
This is a non-regulated platform built with the idea of bringing insurance protection to the vast number of unbanked people in developing economies.
It features comprehensive protection plans that look to reduce risk in the cryptocurrency space for any type of crypto asset.
The platform offers secure, time-stamped storage of a policy holder’s relevant information, which serves to eliminate any duplication.
The blockchain affords smart contracts which will automate payouts and address the primary bottleneck
Categories: Crypto Currency Portal