INScoin for Knox: Tokenizing the Insurance Economy

The KNOX project caters for the establishment of the first real insurance company that proposes to merge the real world with the digital world through the exploration of the Blockchain technology and thus create an advanced yet efficient structure in the insurance sector that will thereby find a solution to the lingering issues arising from certification and anti-forgery of insurance policies.
One of the studies made by the FBI study revealed that the annual cost of insurance fraud is at a staggering sum of $40 billion and that these insurance frauds cost an increase to an average American family approximately about $500 in insurance premiums. The biggest losses however are borne by the Insurance, the management of IT security and operational losses resulting from attacks that involve huge investment costs.
Blockchain technology born starting from the Bitcoin in 2008,has gained more attention and has now been used more and more in an increasing number of cryptocurrencies. The Blockchain has facilitated the creation of decentralized new generation services because its public implementations solves the fundamental problem of creating a trustless and permissionless network, where the participants can consider valid a transaction, and therefore also a possible related certification, thanks to the consent mechanism generated by the system of incentives and disincentives among the parties involved. Since it is impossible for a certified document in the Blockchain to EVER be falsified, the insurance sector can thus leverage the blockchain technology in solving the age-long problem of forgery of insurance policies.
Policy as a Smart Contract in an Insurance World
Basically, a smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties.
The INSCOIN project thus intends to utilize the Ethereum blockchain since the Ethereum blockchain itself currently presents the largest number of real used cases and economy of services and transactions currently in operation. Since the Ethereum blockchain makes available, using its infrastructure and ERC20 technology, the creation of digital private coins of controlled issuance (token) with which it is possible to support an entrepreneurial project.
• With the smart contract in use the company won't have delay in collecting credits, as the policy is issued only after receiving the payment. This factor is aimed at significantly improving the management of the company itself.
• With the smart contract deployed, the spread of false insurance policies is obviously decreased since it is the same system that issues them after receiving the payment.
• With the smart contract in the event of accidents the real judge who will decide whether or not to pay them is no longer the company, which could have an opportunistic behavior, but the block-chain system will decide if this accident is compliant with the provisions in the policy. This benefit will be the most important as it will increase the transparency of the company towards customers.

Hence through the payment of the INScoin policy by the customer, he will receive both the authenticated and standardized policy, and also receive the code of the policy that will coincide with the address of the smart contract related to that very policy. Mainly, the Standerdized poolicy serves to give an irrefutable proof of the origin of the policy. With the issue of the smart contract, the customer and the beneficiary can verify that the policy is covered and can check that it was indeed issued by the Company.

For more Information kindly visit:
Official Website: https://inscoin.co/
Whitepaper: https://inscoin.co/documents/Whitepaper-EN.pdf
Telegram: https://t.me/inscoinico
Linkedin: https://www.linkedin.com/company/inscoin-holding-ou/
Twitter: https://twitter.com/inscoinforknox
Facebook: https://www.facebook.com/Inscoin-for-Knox-1802470656458272/
Reddit: https://www.reddit.com/r/InsCoin/[/left]