Place/Date: China - February 1st, 2018 at 11:13 am UTC · 3 min read
ShineChain is using blockchain technology to reinvent the insurance marketplace. Led by its CEO Jin Hui, the ShineChain Foundation has a dedicated team of experts with extensive industry experience, who are ready to bring their vision to reality.
“ShineChain is opening a new chapter in the insurance industry, where blockchain technology is leveraged to insure the health and wellbeing of our members.” Said Jin Hui, the CEO of ShineChain, while introducing the blockchain based mutual insurance platform. “In our society we are seeing rapid development and drastic changes in our living and working environment. There are increasing instabilities, environmental disruptions and food safety issues.
Mutual Insurance has also become a necessary supplement to public and tradition commercial insurance programs.” He explained. Mr. Jin also stated that industry experts understand that through its decentralization and trust-creation, blockchain technology can effectively address the deficiencies in the current insurance industry.
Traditional commercial insurance companies have high premiums, information asymmetry, privacy leakages and the risk of inflation. However, ShineChain will be entirely different. By basing the business model on blockchain technology, ShineChain will eliminate the possibility of insurance fraud, rising costs, inefficient data exchange and inaccurate decision making, privacy leakage etc. These problems are inevitable in the traditional insurance model, but the ShineChain insurance system will mitigate these challenges.
ShineChain’s leadership are experts in their respective fields. They include Senior Economist Jin Hui, who serves as CEO, Oxford Ph.D. graduate and University College London Blockchain Researcher, Dr. Hugo serves as the CTO, Engineer Peng Song serves as the CIO and Veteran Alibaba Manager Wang Jinlong serves as the COO.
With the goal of creating a “Decentralized Mutually Insurance Society”, ShineChain has emerged as the entity capable of bringing this service to market. It will not only be convenient to the participants, but ShineChain customers can rest assured, safe in the knowledge that the promised benefits will be available in their time of need.
The most significant feature of ShineChain is that it can circulate globally without relying on any centralized organization. Users and mutual aid organizations around the world can take out an insurance policy and receive compensation pay-out without barriers through ShineChain’s mutual aid protocol.
ShineChain’s distributed data network has a far lower operating cost than traditional insurance companies. Therefore, users receive the same amount of indemnity, but pay a much lower premium using ShineChain token (SHE) in the ShineChain mutual aid ecosystem.