In order to understand how InsCoin insurance platform works, we have to define what crypto currency is? You may have heard that term before, and in fact, it was widely used to describe anything in the BlockChain space because Ethereum is the vital crypto asset.
A currency should be able to perform some functions to keep its existence. And the first one is that any currency has to be a medium of exchange, it has to be something that you can transfer, and someone is willing to give you goods or service in exchange for it, so it has to be widely accepted. It means the general adoption of the currency. Crypto Currencies are being adopted in every industry so becomes reliable
The next thing is that a currency needs to have a unit of account and that just means there has to be a standard unit of measure that other goods can be valued at. Crypto Currencies can be broken into the smallest units and has the function of the currency unit.
Lastly a currency needs to store value now, when I say store value it does not necessarily mean that if you put your money in to a crypto currency like Ethereum or like coin the value will increase, the value can go down a store value just mean that your money or your value can be held in these crypto currencies or any currency in general for time and then you can go back and retrieve that value even if it went higher or lower
For instance, in the gold markets, gold is considered to store value but it does not mean that gold’s value always increases there are times when there is a deflationary environment when the price of gold actually goes down so that something to keep in mind is that when someone says ‘store value’ it does not necessarily mean the value will always increase. Crypto Currencies value, by the way, has increased many times in just a few years.
Presentation of BlockChain technology throughout the years has been an appreciated advancement. Before the introduction of BlockChain technology, there have been a number of issues. Centralization has caused issues that we have seen in the vast majority of our financial institutions which ranges from a few banks to insurance agencies.
Before the presentation of BlockChain technology exchange and affirmation of records were made in insurance agency physically, it doesn't include the utilization of digital currency which this has caused arrangement of issues, for example, poor policy, imitation, uncertainty which shouldn't have occurred in an insurance agency and in like manner misjudgment between clients, dealers and the organization. The InsCoinKNOX Platform Smart Contract has resolved these issues.
The goal of “InsCoin for Knox project” is to form the first insurance company based upon the crypto currency for paying the insurance premiums, and it is the first that solve the problem of forgery of insurance policies and the problem of certification with the help of BlockChain.
Website : https://inscoin.co
Whitepaper : https://inscoin.co/assets/content/whitepaper_en.pdf
Telegram: https://t.me/inscoinico
Twitter: https://twitter.com/inscoinforknox
Reddit: https://www.reddit.com/r/InsCoin
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