The developers of Bitpark believe that digital currencies are going to have a major impact on the insurance sector. They see a mutual help system evolving out of the combination of digital currencies and the insurance. It could be via like-minded people polling together and purchasing insurance produce together. They believe that by utilizing blockchain technology couple with digital currencies, they could bring efficiency and simplicity to mutual aid.
Bitpark Mutual Aid & Crypto Insurance Services
In the current setup, insurance and mutual aid organizations usually insert third parties into the process. These organizations are tasked with money management for the process. With the utilization of Blockchain technology, they will be able to remove the middleman and replace them with the blockchain. This technology can be used for the enforcement of contractual obligation regarding pooled funds and payments. This will allow them to manage funds without having to involve the banks.
Besides that, by keeping billing costs separate from the pooled funds, billing screening can take place among users of the pool. The screening officials will then be awarded a small payout. With this system, the developers believe that they can achieve price improvement as well as being able to offer optimal responses to insurance needs.
The Group Wallet
With the group wallet function, users will be able to sign up to various communities. Each community functions with the group wallet at its core. Not only does it allow users to communicate via text and images, but it also lets them exchange funds seamlessly.
The communities can be adapted to various social circles such as friends, families, work colleagues, party groups, and even sports teams. The Bitpark service will enable users to perform various things such as save funds for emergencies, prepare trips with friends, and much more.
Mujin is a concept that existed in ancient Japan. During these ancient times, people would pool together to help each other. The concept can now be applied today with the help of modern blockchain technology. It will be enforced by immutable smart contracts. With the use of the Bitpark Mutual Help feature, if someone requests for funds, other group members can pool the money with preset conditions keyed in. If a certain portion of the group approves the request, funds will be deducted from the collective fund.
The Bitpark BPC Token ICO Details
The Bitpark token is what will power this platform. It will be used for functions such as P2P insurance and Mutual Help. When enrolling for this service, users will have to make payments in Bitpark tokens. The fee charges will be distributed to the screening officer for their work.
On this platform, users will get access to P2P insurance and lending services. The processing of any request by users will depend on their history with the service. This will be used to evaluate whether or not they have proven to be trustworthy.
The platform already held a successful ICO. All funds collected would be used to further develop the platform and make it a reality for the world.