iXledger company based in London, U.K., released a platform called Blockchain Insurance in the initial phase of 2017. This platform facilitated blockchain based companies to attain business insurance on the basis of risk assessment. According to a report by BCFocus, blockchain technology may also be used by American Express to help prove payments.
This platform provides an exposure in the field of metrics having relevance with the insurers, reinsurers and underwriters. The company itself has stated that it has launched the new platform in association with the experts involved in insurance markets of London. The fundamental goal of this platform is safeguard of blockchain based businesses from risks. These risks are related to financial exposure, cyber-crime and legal threats.
Features of iXledger
A number of attributes are provided in this iXledger platform that are supportive towards the underwriters and brokers during the insurance procedure. The underwriters are assisted by the risk assessment in the evaluation of risk. The risk evaluation is accompanied with a detailed model to provide score in the following sectors which include security, people and management. The other factors are company overview, technology and finance.
The applications are then presented by the system to the market scenario. After the insurance gets properly placed leveraging the platform, the record of the policy gets published. Ethereum blockchain is the platform on which it is published. According to the website of the company, “This record can be used to show potential investors and other interested third parties that the insurance is in place, increasing the legitimacy of the business and mitigating risk.”
As per the information provided by the company, blockchain technology is used by the project for providing transparency of data. It also offers normalisation of data to provide service to the market space. This gives an estimation to raise a fund of $7 billion in 2018. According to the report by International Data Corp., a huge amount of fund is estimated for expenditure on worldwide adoption of blockchain technology. The total sum would be nearly $2.1 billion in 2018.
The IXT token of the platform gives accessibility to the users to the services of iXledger. The company plans to extend its availability to other communities of ecosystem. This includes the insurance project of InsChain, SelfInsuranceMarket and the fedentiaX marketplace. It also intends to continue developing the association with service providers in the insurance industry.
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