Blockchain technology is giving the insurance industry a make-over by bringing essential qualities like immutability, transparency, security and integrity to the table. As the world turns over to blockchain to solve its centralized problems, Glass Cube’s I-CHAIN is positioning itself as a solution to many problems within the insurance industry. I-CHAIN leverages blockchain technology to build a business ecosystem that will handle the creation and execution of insurance products, offering tremendous benefits to the global community as a whole.
What is I-CHAIN?
I-CHAIN is a blockchain platform that seeks to eliminate insurance crisis by creating a conducive environment for launching insurance products, optimizing product sign-up processes and mitigating business risks. Due to its technicalities, blockchain solutions have been unfairly restricted to a few experts and blockchain geeks, by making I-CHAIN an easy to use and accessible platform, Glass Cube has changed the narrative, and can now bring blockchain-based insurance solutions to the doorstep of everyone.
I-CHAIN’s marketplace will allow insurers to build, publish and sell insurance products to customers while also handling communication channels and insurance processes like sales and claim processing. Additional products with extended processes and channels can also be designed and published on the marketplace for insurers to purchase and utilize for growing their businesses. The I-CHAIN ecosystem is governed by the utility token – ICHN, while a fixed number of security tokens (ICHNS) are also integrated into the platform’s functionality, creating an insurance ecosystem offering decentralized dividends; a system that allows participants to profit from the platform’s earnings.
Tokens Prospects
Utility token – ICHN
- A continuous rise in ICHN’s value is expected as the I-CHAIN platform develops and penetrates the insurance market; gaining popularity and widespread adoption.
- A limited amount of ICHN tokens exists; as there will be no issuing of new utility tokens Compared to the conventional capital intensive approach for running an insurance business, utilizing ICHN tokens will cut costs for owning and establishing insurance businesses.
- Purchasing ICHN tokens before the 31st of September, 2018 will gift users an equal amount of security tokens.
Security token – ICHNS
- A limited amount of ICHNS tokens exists; as there will be no issuing of new security tokens.
- A system for sharing in I-CHAIN’s profits is made available to users via the security token – ICHNS.
- Purchasing ICHN tokens before the 31st of September, 2018 will gift users an equal amount of security tokens.
Why I-CHAIN?
I-CHAIN is poised to bring simplicity to a once complex insurance industry, and empower insurers by providing innovative blockchain solutions to age-old issues plaguing the insurance market including:
- Scalability: by designating a blockchain layer for a portion of data when required, I-CHAIN has been able to build a scalable platform for insurance companies.
- Expertise: I-CHAIN eliminates the need for blockchain expertise by providing a platform specifically customized for the insurance industry. This will cut costs and shorten the time-to-market for insurance companies.
- Regulatory Issues: By adopting a common platform (I-CHAIN), insurance companies can effectively resolve all regulatory issues since I-CHAIN looks out for the interests of all stakeholders and their respective customers.
- Competition: I-CHAIN allows for the creation and customization of insurance products which will foster competition amongst insurers and lead to innovative concepts and novel ideas that will improve the global insurance industry.
- Fraud: I-CHAIN keeps insurance fraud in check by storing claims and customer information on the blockchain, making it harder for criminals to conceal their identities, make fraudulent purchases or carry out double dipping.
By leveraging blockchain’s characteristics of transparency and permanency, the I-CHAIN platform is able to provide a secure and trustworthy blockchain system for buying and selling affordable insurance products worldwide. I-CHAIN’s platform software will be distributed to its partners for free, while public accessibility to the platform’s real product (IC insurance product) will begin by the end of September.
Find out more on the website: https://i-chain.net/