The insurance industry is a very competitive market which has been around for several centuries. While technology has revolutionized potentially entire sectors in many ways, the insurance sector is still stuck on past techniques.
Although subject to a lot of hype, blockchain technology could become innovative as a cryptographically secure ledger for the insurance details and policies. Xsure is a blockchain startup that is working to use blockchain technology to overcome the significant legal and bureaucratic hurdles present. While skeptics are pointing to the obstacles of blockchain technology, here's how Xsure is set to embrace the innovation fully.
What Is XSure?
Xsure is an emerging blockchain platform that seeks to accelerate the use of AI and blockchain technology to address the technological changes that will change the way insurance companies work and conduct their business. The concept of the project is to position itself as an efficient developer of advanced real-time instruments to allow both the insurance providers and insures to benefit from a suitable solution.
How XSure Decentralized Blockchain Insurance Platform Works
As a blockchain-based entity, Xsure will incorporate a native coin as the primary driving force to facilitate the overall decentralized ecosystem. That means each transaction w=on the platform will be using the XSR tokens. Additionally, the token transfer gets to work under a smart contract that secures the validity of the deal as long as the terms of the agreement are not breached.
- Identifying- Xsure uses machine learning algorithms to match the user's reputation to their respective premium category
- Ownership- each insure will have to undergo a proof of ownership stage to ensure an item through Xsure’s platform successfully.
Xsure's use of blockchain technology eliminates the security gaps that exist and are exploited for the perpetration of fraud within our existing insurance sector.
Under a public ledger, both the insured and insurer can access all the information of the respective parties, and this reduces the processing of multiple claims from the same individual.
There are less fraudulent ownership cases since each Xsure user will under the proof of ownership stage before the property gets its digital certificate of ownership.
Reduced Insurance Premium
With less fraud in the insurance sector, Xsure could potentially result in higher margins for the insurance companies, and this could also translate to cheaper insurance policies.
XSure XSR Token ICO Details
- April 2018
- Token release- 15,000,000 XSR
- 5000 XSR= 1 XSR
- June 2018
- 3000 XSR= 1 ETH
- Token release- 75,000,000 XSR
Parameters Of The ICO
- Symbol- XSR
- Model- ERC20
- Platform- Ethereum
- Accepts- ETH
- Price- 1 XSR= $0.007
- Supply amount- 95,000,000 XSR
- Hard cap- 55,000,000 XSR
- Soft cap- 25,000,000 XSR
- Insurance reserves- 35%
- Development team- 20%
- Founders- 15%
- Marketing and communication- 15%
- Operations- 5%
- Legal expenses- 5%
- Advisors- 5%
If you have an interest in the insurance industry, then Xsure looks like an interesting ICO to explore the capability of the sector with the alliance to blockchain technology. However, the fact remains that will blockchain relatively knew, projects such as Xsure will need enough time to develop further before it can become a possible recommendation to start ensuring through it.