The creators behind peer-to-peer YoCoin digital currency has announced the launch of YoCoin Insurance, a decentralized blockchain-based insurance platform. The YoCoin Insurance platform exploits various features of cryptocurrency blockchain including storage of financial transactions, forecasting, smart contracts, etc. to offer innovative smart contract-based insurance policies.
The YoCoin Insurance platform supports a range of policy types, starting with life and health insurance policies.
How it Works
The YoCoin Insurance platform can be used to issue insurance policies and bonds. It allows policyholders and bond investors to share the associated investment risks. An investor can sign up and choose the bonds from desired categories and packages with different insurance terms.
The insurance terms include information about the insurance type, duration, risk level and other parameters. All insurance events are monitored, and corresponding data is fed into the smart contract by an oracle. Each insurance smart contract will have one or more oracles associated with it.
The policyholder minimizes the risk of losses by creating insurance policies on the platform, which will be paid with YoCoin. Upon making payment, an Ethereum smart contract linked to the insurance policy will be generated.
The smart contract will include all insurance conditions and claim information within the previously laid out insurance terms. In the case of a claim, the policyholder will be issued payouts in agreement with the terms of his policy. All the policy statistics including claims history, bond statistics, reports, and charts will be available to the policyholders and investors on YoCoin Insurance platform.
Once the investor has selected the desired bonds from the list of investment categories and packages, he will make the payment using YoCoin to receive the selected bonds. These bonds can then be traded on initial or secondary markets. In the absence of any claims within the insurance policy terms, the investor stands to receive the invested amount plus a return.
“This is one of many innovations we are building around the YoCoin platform,”
Said the Chief Operating Officer of YoCoin, Dave Wilson. Dave continued saying,
“YoCoin provides a backbone for smart contracts, asset trading, real estate transactions, escrow services, income distribution systems, and an unlimited number of other uses that can all run as programmed without any downtime, censorship, fraud or third party interference,”
The YoCoin Insurance platform will be rolled out in the coming days. More information on YoCoin and the YoCoin Insurance platform is available at http://www.yocoin.org.
YoCoin (Symbol: YOC) is a cryptocurrency built on Ethereum mother blockchain by YoCoin Limited, a UAE based company. It has a total supply of 200 million units. YoCoin supports smart contracts, decentralized autonomous organizations, decentralized applications, multi-signature transactions.