New Platform Provides Insurance for Blockchain Companies

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Image source: medium.com

A company founded in early 2017, London, U.K. called iXledger, has launched Blockchain Insurance, a platform that permits blockchain companies to get business insurance quotes based on a risk assessment. The platform presents exposures in metrics relevant to the underwriters, insurers and reinsurers.

The company says that the team launched the platform in collaboration with consultants in London’s insurance markets. It’s specifically tailored to safeguard blockchain businesses from risks related to legal threats, financial exposure, cyber risk and crime.

The iXledger platform provides variety of options that support brokers and underwriters through insurance process. The risk assessment assists underwriters in their risk analysis with a detailed model, which provides a score across seven key factors — together with an organization summary, finance, technology, security, individuals and management.

The system presents the applications to the marketplace and, once the insurance is already in place by platform usage, it publishes the record of the policy on the Ethereum blockchain. Records may be used to show potential investors and different third parties who are interested in the increasing legitimacy of the business and mitigating risk.

According to the firm, the project is using blockchain technology to supply information transparency and information social control to service the market, which is calculable to boost $7 billion in 2018. International information hoData Corp. is suggesting that the quantity of funds that may be spent on blockchain adoption worldwide is around $2.1 billion in 2018, up from $945 million in 2017. The blockchain technology market is foreseen to grow to $2.3 billion by 2021.

The firm intends to create it as obtainable as possible to be used in different insurance ecosystems, together with SelfInsuranceMarket, the InsChain insurance project and the fidentiaX marketplace, additionally on continuing the evolving collaboration with different service suppliers among the insurance trade.

 

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