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InsurePal, an award-winning next generation, peer-to-peer insurance based on social proof endorsements, has announced a collaborative partnership with the first Internet of Agreements infrastructure platform, Mattereum. This collaboration is one of the strategic steps InsurePal is initiating towards future-proofing the blockchain in the face of increasing calls for regulation.
With cryptos expanding from mere speculative vehicles to real-world solution assets, governmental agencies and financial institutions have been calling for blockchain identity and transaction regulation, the absence of which remains the chief source mainstream skepticism of the technology. InsurePal aims to disintermediate trust between the crypto community and mainstream market through a decentralized and affordable insurance sector that rewards beneficial behavioral patterns.
Knowledge Is Power
InsurePal is the world’s first self-regulating blockchain platform for the insurance industry that allows users to leverage endorsements and guarantees from friends, families, peers, and associates to lower the cost of insurance. Through its groundbreaking Trustscore rating system, InsurePal will also secure blockchain based business by letting parties craft mutually beneficial contract terms and conditions for any business transaction and the maximum penalty for breaches.
“InsurePal challenges current practices in the insurance industry, which fail to provide a transparent and fair pricing model and needs a new model of risk selection” explains Matt Peterman, InsurePal’s CEO.
Every Time a transaction is completed, the network awards Trustscores to endorsers based on feedback. Through this mechanism, Insurepal is not only creating a risk-aware and transparent network for the crypto community, but also the $7 trillion insurance industry, and also rewarding one of the most undervalued human quality; good reputation.The platform will work as a dAPP for B2C customers and as a service for B2B partners that will resell social proof insurance by using InsurePal solution as seen here
InsurePal’s bold reinvention of the insurance industry has been herald by the community as a timely intervention, winning first place at the d10e pitching competition in Ljubljana and Bucharest.
“Winning on d10e twice, each time a with different set of investors jury, means that InsurePal has ingredients needed for successful ICO and company development afterward” Matt Peterman continues
“We are honored and happy for all the members of the team, as the victory is a true reflection of our state of mind. The project has attracted a lot of investors, gained extremely positive attention from industry experts and our community, confirming to us now is the right time for peer-to-peer social proof insurance platform on blockchain.”
Empowering The Blockchain
The collaboration with Mattereum will further the adoption of blockchain technology by empowering blockchain transactions through three key pillars: insurance, arbitration, and identity. InsurePal will provide insurance of all transactions through its network, while Mattereum will serve as a decentralized court of arbitration for disputed smart contracts.
The collaboration synergies two of the most novel innovation on the blockchain – InsurePal’s social proof model of shared-risk insurance and Mattereum’s dispute resolution infrastructure – resolving the identification and compensation concerns dogging blockchain adoption.
“InsurePal looks like very good, clear thinking on how to model risk in insurance in new ways, and deploy new technology to implement those risk models. That’s how we make progress: new ideas that turn into new experiments. I’ve contributed a little to their models, and I’m looking forward to working with them on both modeling and implementation in 2018” says Vinay Gupta, one of Mattereum’s founders and, previously, release coordinator for Ethereum
Find out more about InsurePal’s disruption of the insurance industry here
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