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Ethereum finds employment in the acceleration of the insurance process for victims of hurricane Florence
Currently, when hurricane and other natural disasters strike, a whole fleet of insurance professionals comes into action. for insurance companies to minimize fraud to reinsurance companies that protect insurance companies and retrocessional companies that take care of reinsurance companies, the whole industry starts to look very much like a Russian loss prevention doll .
Between Harvey, Irma, Mary and now Florence the United States has seen an unprecedented amount of disastrous natural disasters that have devastated communities and left billions of dollars in their wake . lockchain is now potentially used to solve many of the resulting problems.
Because of the complicated and inefficient process of accepting compensation claims, especially as a result of disasters such as hurricanes, many insurance analysts and blockchain experts see it as the best solution to solve industry problems .
Etherisc Steps In
A new Swiss blockchain startup, called Etherisc, is working to provide solutions to inefficiencies in the insurance industry using the Ethereum blockchain and smart contracts to automate certain processes currently manually performed by employees. In addition to being cheaper, automated solutions will also reduce fraud and human errors that can cost insurance companies a fortune.
Founded in 2017 as an open source platform, the company's mission includes the use of the blockchain [Ethereum] [19659009] to create insurance products . The newborn company has raised $ 3.6 million in its ICO and is already making waves in the insurance sector helping other companies to make the use of smart contracts .
Referring to one of the areas in which Hurricane Florence could create a landing, the co-founder of Etherisc, Renat Khasanshyn, stated that although the company loves to offer its services in Virginia, launching a product of this kind in multiple locations is not a breeze. He added,
"Our plan is to start writing policies for the upcoming hurricane season in Puerto Rico."
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