Ethereum blockchain to speed up insurance process for Hurricane Florence victims
Hurricane Florence is getting stronger as it is edging closer to the US. A state of emergency has been announced in Virginia, Maryland, Washington DC, and North and South Carolina. During such calamities, insurance becomes a valuable asset. Etherisc, a Switzerland-based decentralized insurer, is trying to systematize the process with the help of smart contracts based on the Ethereum blockchain.
According to a Forbes report, it is estimated that the hurricane’s full impact could lead to the destruction of around 759,000 houses, which will in turn demand reconstruction costs worth $170.2 billion.
How can Ethereum-based smart contracts be used for insurance?
Whenever a natural disaster hits, there is usually a delay of weeks or even months for victims to receive their insurance money. To counter such issues, Etherisc is trying to automate certain stages to speed up the whole process.
The open source platform aims to introduce insurance products with the help of the Ethereum blockchain. The one year-old company has generated $3.6 million in an initial coin offering and is also helping different companies in framing their insurance policies using the smart contract code.
Renat Khasanshyn, co-founder of Etherisc, said: “We’d love to offer policies in Virginia. Yet launching a product in multiple locations is no easy task.”
“Our plan is to begin writing policies for the next hurricane season in Puerto Rico,” said Khasanshyn.
Image via Shutterstock
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