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Cryptocurrencies are similar to natural disasters when it comes to unpredictability. However, HurricaneGuard has introduced a new solution that aims to conquer the natural disaster insurance sector with the help of blockchain technology. The Puerto Rican brand makes use of smart contracts to facilitate the payment of automatic insurance in the event of a natural disaster.
Quick Relief from After Disaster
Powered by Etherisc, HurricaneGuard serves the niche market for insurance reimbursements related to disasters. The technology implemented by the startup can initiate automatic payments if the high wind speeds are recorded within 30 miles of the client's home or workplace.
For those who do not know, Etherisc is an open source platform that uses the Ethereum blockchain to create insurance products. Founded in 2017, the company raised $ 3.6 million in its initial coin offering (ICO).
While hurricanes may not be common, it is essential that people in vulnerable areas have an effective mechanism to deal with the consequences of a storm.
The year 2017 saw Hurricane Harvey take 68 lives and inflict $ 125 billion in damages to the United States. The uproar caused by the infamous hurricane has linked with the 2005 Hurricane Katrina as the most expensive tropical cyclone ever recorded.
The effects of the hurricane have been amplified due to the traditional disaster insurance payment process, which could take up to six to nine months to complete and, in some cases, even non-payment. Although there was a bit of respite in the form of cryptocurrency donations to help the victims, the event highlighted the inefficiency of traditional insurance payment mechanisms.
Enter HurricaneGuard
The DLT-based start-up offers an immediate and convenient insurance payment service that can provide amounts in just 24 hours. In a situation of impotence, quick payment of insurance could prove to be a blessing to the victims, as it could facilitate the task of paying for bare necessities like food, gasoline, water and medicine, among other things.
In addition, with a miniscule fee of $ 10 a year, HurricaneGuard ensures that small business owners and people in the low-income class can afford service without weighing down their pockets. The company also promises complete transparency and no deduction regarding the payment.
While blockchain technology continues to find new avenues every passing day, its use in disaster management space is commendable.
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