InsCoin- First Blockchain Based Insurance Project

InsCoin- First Blockchain Based Insurance Project

duyhenry

The name is Inscoin for Knox

What is InsCoin for Knox?

The KNOX project will be the first insurance company that merges the real world with the digital one using Blockchain technology, creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies.

The insurance policies issued by Knox Insurance will be both in traditional paper form and in the form of smart contracts, allowing the customer to monitor their policies in real time, in full transparency and safety. Thanks to the platform developed by knox insurance, the policies will evolve to become fully automated and eliminate any possibility of conflict of interest between the parties involved.

Based on FBI Study Annually Cost of insurance fraud is approximately $40 billion. However, the biggest losses are borne by the companies, the management of IT security and operational losses resulting from attacks involve huge investment costs. For these reason insurance companies are starting to manage cyber risk with a Three Lines of Defense model. Generally, IT and the CISO, make up the first line of defence, implementing and executing the information security strategy.

Tasked with maintaining an overall view of all risks, the CRO makes up the second line of defense, along with compliance, which assesses the adequacy of internal solutions and their alignment with regulatory requirements.

The third is internal audit, providing an independent assessment of the adequacyof the cyber risk management framework and whether the processes and controls are being applied effectively.

Regardless of the exact setup of the Three Lines of Defense model, it is imperative that that the top level of management has oversight of cyber risk management.

A further problem is the slowness of international banking transactions

Based on the problem above , Insurance for Knox come and be the first Insurance Services Based on Blockchain Technology and Use Ethereum (erc-20) Smart Contracts


How It Works?


So Based on Picture Above Insurance that before use paper as based change to Based on Smart Contract use Ethereum (Erc-20) Technology.

What the Benefit of The Insurance Services (Inscoin for Knox) use Smart Contract ?

  1. With the smart contract the spread of false insurance policies is avoided because it is the same system that issues them after receiving the payment.
  2. With the smart contract the company won't have delay in collecting credits, as the policy is issued only after receiving the payment. This factor aims to significantly improve the management of the company itself
  3. 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.

Why Choose Inscoin For Knox?


  1. The First Insurance Services in the world that use Blockchain Technology
  2. As I write above with Smart Contract Inscoin for Knox can solve the Problems of Insurance Services based on Paper
  3. Prevent Fraud with Blockchain Technology because the document in the Blockchain can NEVER be falsified with Policy as a Smart Contract that support it.
  4. Get Benefit for Someone who use Inscoin for Knox


Token Sale

The Token sale is divided into two parts: PRE-ICO e ICO.

Total supply is 500.000.000 INSC

Maximum PRE-ICO Cap is 7.500 ETH

Maximum ICO Cap is 31.944 ETH

Soft cap: 4000 ETH

Hard cap: 39.444

Details below


USE OF FUNDS

  • Product development (20%): development of the
  • INSCOIN Platform according to product roadmap and hire new blockchain developers.
  • Insurance company set-up (60%): business development and strategic partnerships.
  • Communication and marketing (10%): investment in public relations and marketing campaigns to increase project’s awareness and token’s adoption.
  • Reserve funds (10%): provide liquidity for future monetary policies and platform functionalities.



Authored by: duyhenry

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