INSCOIN - The First Decentralized Insurance Company Introduction Of Blockchain Technology On KNOX Company
Introduction of blockchain technology over the years has been a welcome development. There have been a lot of problem facing most sectors before the introduction of blockchain technology. Centralization has caused problems which part of those problems is what we have seen in most of our financial institution which ranges from several banks to insurance companies. Before the introduction of blockchain technology transaction and certification of documents were made in insurance company manually, it doesn’t involve the use of digital currency which this has caused series of issues such as poor policy, forgery, insecurity which shouldn’t have happened in an insurance company and likewise misunderstanding between customers, brokers and the company. These and many more is what KNOX Platform through the use of smart contract on Ethereum blockchain will rectify.
KNOX PLATFORM
This is a great company that introduced the addition of blockchain technology to the existing method which it’s using before with the use of crypto-currency to find possible solution to the issues of forgery, certification and the others issues arises in the platform. The policy adopted by Knox Company will be in favor of old method and the application of new one to solve the problem facing an insurance company. KNOX insurance company will be located in the following places Lisbon, Dubai and Bermuda Islands to allow it’s free operation without any restriction
Blockchain technology is very vital to insurance company in the following ways. It saves customer from illegal activities because of its decentralization. Also it increases the cash flow of the company by eradicating delay in an amount to be paid for a contract made by customer. Also it helps the brokers by earning instant commission without any delay.
INSCOIN=> This is the crypto-currency that will be use for any activities or transaction on https://www.inscoin.co/ Insurance Company.
Insurance is one of the oldest industries, and can be seen as part of the growth of modern business that has come to define the world-wide society. While the insurance in the form we will recognize today begins with the first insurance contract in 1347, methods for transferring and distributing risks in the monetary economy have been observed in China in the third millennium BC. One thing that has defined the insurance sector for thousands of years is its ability to adapt its practices to fit the changing technological landscape. From contracts written on parchment to websites and large data, the industry has changed rapidly.
Blockchain is the latest technology game changer to include images, and many predict that distributed ledgers can have profound effects on how insurance companies can operate. One important issue that seems to be designed by blockchain technology is the underlying principle of 'good faith' in insurance contracts. This principle states that any party entering into an insurance contract has a legal obligation to act with a standard of "greater honesty than is normally required in most commercial contracts." This means that insurance companies are required to believe that they are being told the truth by the person want to take out insurance.It's different from other contracts, which are usually based on the principle of 'let the buyer beware.
Applying a blockchain to this problem means that insurance contracts and consumer personal data can be stored on a distributed ledger, with consumers controlling who has access. The data remains on the user's personal device and this can eliminate the need for brokers and other intermediaries that appear as mediators between insurance companies and consumers. Blockchain not only offers the promise of cost reduction and efficiency, but also can enable revenue growth, as insurance companies attract new business through high quality services.
Blockchain technology can help the wholesale insurance sector fulfill its role in supporting the global economy more effectively. Just as blockchain is being pursued as a force for positive change in other areas of society - from identification to refugees to better public services - it can also help wholesale insurance to carry out its responsibilities for the common good.
The KNOX Project will be the first insurance company to combine the real world with the digital world using Blockchain technology, creating the most efficient and sophisticated structure in the sector, to find solutions to certification and anti-counterfeit insurance policies. With smart contracts, the spread of fake insurance policies is avoided because it is the same system that issues them upon receipt of payment. With smart contracts, the company will not have any delay in collecting credits, since the policy is issued only after receiving payment. This factor aims to improve the company's management significantly. With a smart contract in the event of an accident, the actual judge who will decide whether or not to pay them is no longer a company, which can have opportunistic behavior, but the blockchain system, in absolutely no interest in human opinion, will decide whether the accident is appropriate with provisions in the policy. This benefit will be the most important because it will increase the company's transparency to customers.
With smart contracts, the spread of fake insurance policies is avoided because it is the same system that issues them upon receipt of payment. With a smart contract the company will not have any delay in the collection of credit, since the policy is issued only after receiving payment. This factor aims to improve the company's management significantly.
With smart contracts in the event of an accident, real judges who will decide whether or not to pay them are no longer a company, which could have opportunistic behavior, but a blockchain system that, in absolutely no interest in human opinion, will decide whether the accident is in accordance with provisions in the policy. This benefit will be the most important because it will increase the company's transparency to customers.
TOKEN
Token Symbol=>INSC
Token Type=> ERC20 (Ethereum Network)
Token Total Supply=>There is a total supply of 500,000,000INSC
TOKEN SALE=> There is total amount
270,000,000INSC allocated for token sale
Exchange Rate=>The token will be exchange at the rate of 1ETH=5000INSC.
Soft Cap= There is a project soft cap of 4,000 ETH which is a very good one for the project.
Hard cap=> Hard-cap of 39,444 ETH while the unsold token will be destroy after the token sale period.
PRE-ICO=>Pre-Ico for early investors starts by 23rd of June 2018 and will end on 7th of July 2018.
ICO=> Ico starts on July 23, 2018 and end on August 23, 2018 which is exactly a period on 1month.
There has been an additional bonuses allocated to each stages of ICO which is good development for investors
TOKEN ALLOCATION
54% of the total supply has been allocated to token sale
15% Allocated to wholesaler
10% Allocated to team and Advisors
10% Allocated to network partnership
9% Allocated to the companies
2% Allocated to Airdrop and Bounty
FUND ALLOCATION
60% Allocated to Insurance Companies Set-up
20% Allocated for Platform Development
10% Allocated for Marketing
10% Allocated for Reserve
for more information :
Website: https://inscoin.co/
WhitePaper: https://inscoin.co/#whitepaper
Telegram: https://t.me/inscoinico
Twitter: https://twitter.com/InsCoinforKnox
Facebook: https://www.facebook.com/INSCoinforKnox/
0x47B06F3213eB7d736DF6fe97A9489Eac5136679c
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