Is Insurance Bitcoin's Killer App? | Hacked: Hacking Finance
Hacked: Hacking Finance

Bitcoin

Is Insurance Bitcoin’s Killer App?

Posted on .

Is Insurance Bitcoin’s Killer App?

Introduction

This article was posted on Wednesday, 16:37, UTC.

An insurance platform based on the blockchain. That’s what those pesky blockchainers – who find themselves on the cutting edge of fintech – find themselves now considering for an industry long marred by hacks, loss of coins and other compromised value.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Long has this idea been on the minds of Bitcoiners, and then blockchainers. InChain, using the Ethereum platform, an open ledger like the bitcoin blockchain, is looking to introduce blockchain insurance via a  decentralized platform.

The team is led by Sergei Primachik, an IT engineer, and Dmitri Lazarichev, who is also the co-founder of the wirexapp.com project.The firms’ main goal is to offer a service to insure the risks of losing assets stores at web services like exchanges and wallets.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

“The crypto economy is suffering due to hacks and fraud,” Lazarichev told Hacked.

Inchain looks to solve a common blockchain problem: services getting hacked, money getting lost. The DAO and Bitfinex are two recent examples. Between those two hacks: $220 million stolen. Inchain wants to ensure users don’t lose their crypto-assets.

The company states in a press release: “Other words, any member of crypto economy can insure his risk of losses of the crypto assets placed on crypto Exchanges or web wallets.”

health-insurance

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //

Inchain insurances bonds represent a coupon in exchange for acceptance of insurance risks. The company seeks to put key decisions in the hands of Inchain token holders.  Inchain isn’t like other insurance platforms: the company says it “exists only in crypto economy.” It’s managed by “crypto economy members.”

These insurance bonds by Inchain represent a attempt to create  fixed income class of investment instruments for all investment portfolio.

“People are asking us if this concept can be applied to real world assets (property, card etc),” Lazarichev said. “We will definitely expand our services in the future.”

He adds:

This keeps the majority away from the blockchain and crypto currencies. We aim to solve this problem by introducing the insurance for crypto assets stored with exchanges and wallets.

Of course, like so many crypto-industries, will have to consider the regulatory implications of their decisions. “We believe that the regulation will start at the point where any fiat is becoming involved,” Lazarichev said. “There are no sound concepts how to regulate crypto-to-crypto markets.Obviously such a situation has its pros and cons.”

Inchain’ idea is to launch the platform within unregulated space and receive the licenses later should they be needed. Inchain token holders are entitled to vote for all important decisions such as Insurance fund management, smart contracts and oracles upgrades and other features.

“Tokens will be distributed during our ICO starting soon. There will also be a secondary market at several exchanges,” Lazarichev explained. The goal for is to bring security to the market.

“Nobody is happy if there is a possibility that his funds can be stolen,” Lazarichev stated. “There have been more than 40 hacks in the last years, every third exchange has got hacked according to different sources. It is a complete chaos without insurance and protection.” He doesn’t believe Bitcoin insurance is a step towards the dreaded mechanisms of traditional finance.

“We believe it is much better than if your crypto funds are stolen one day,” he said. “Because insurance companies are not happy to offer their services for crypto assets, the solution should be found within the crypto environment. They are the owners of the platform who are involved in decision making and other processes. They will also receive the dividends.”

Images from Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Justin OConnell

Justin OConnell

http://www.cryptographicasset.com

Justin O'Connell is the founder of financial technology focused CryptographicAsset.com. Justin organized the launch of the largest Bitcoin ATM hardware and software provider in the world at the historical Hotel del Coronado in southern California. His works appear in the U.S.'s third largest weekly, the San Diego Reader, VICE and elsewhere.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
P.H. Madore
ICO Analyst
P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
Mate Csar
Analyst
Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
Justin O’Connell
Journalist
Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
The hacking group Anonymous is accusing the telecom network, Reliance…