Wednesday, June 27, 2018

INSCOIN FOR KNOX-The First Blockchain Based Insurance Company


INTRODUCING INSCOIN 

The right design will make it easier for ourselves and others, such as designing when we are sick and when we will finance our son and daughter's education. The right design will provide the best solution in the future.

With insurance, we can design what we need now and in the future that will bring benefits to ourselves. Many companies offer insurance products that we can choose according to what we want.

The job of one insurance company is to raise funds in. Good business management requires funds that have been invested so that funds are more productive.

Investment activities by an insurance company other than to support national development may also reduce the cost of insurance, whereby with profit or profits earned through investment funds, the presentation of profit elements calculated in the determination of premiums can be reduced.

KNOX Project will be the first insurance company to combine the real world with the digital world using Blockchain technology, creating the most efficient and sophisticated structure in the sector, to find solutions to certification issues and anti-counterfeit insurance policies.

Thanks to the platform developed by Knox's insurance, the policy will evolve into a fully automated and eliminate the possibility of conflict of interest between the parties involved.

Insurance companies will be established in Lisbon, Dubai, and the Bermuda Islands, to enable Knox insurance to operate in various laws and enable token economies on a global scale.

With smart contracts, the company will not have any delay in collecting credits, since the policy is issued only after receiving payment. This factor aims to improve the company's management significantly.

With smart contracts in the event of an accident, real judges who will decide whether or not to pay them are no longer a company, which could have opportunistic behavior, but a blockchain system that, in absolutely no interest in human opinion, will decide whether the accident is in accordance with provisions in the policy.

This benefit will be the most important because it will increase the company's transparency to customers.

INSCOIN PLATFORM

At the same time as the beginning of three insurance companies, once a legal license is obtained, with the help of the funds collected, an internal exchange platform will be created. This platform will have a fundamental role, through which customers can access the purchase of insurance products overridden by our structure.


HOW TO USE BLOCKCHAIN?

The Knox Insurance and partly on the Blockchain of Ethereum part of the Knox Insurance and partly on the internal platform. At the end of the certification process, smart contracts will be issued that combine the authenticity and scope of the policy while respecting the privacy rights of the contracting party.


The main function of this platform is the Creation of a customized profile for Brokers, with their personal inscoin wallets.

It is possible for Brokers to create for all their clients the underlying profile, combined with identification code and associated inscoin wallet.
It is possible for each personal customer to create their own profile, with a relative inscoin wallet. Direct loading of all policy features for evaluation and bidding.
Possible pay policy as described in the previous paragraph. Acceptance, in the case of a policy purchase, from a smart contract address that you can verify its authenticity.
The internal platform is critical to this project because through it we can efficiently manage all our project innovations.

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