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A Review of the I-CHAIN Blockchain Insurance Project

Eseandre Mordi



Covered in different news and social media channels, it is no longer new information that cryptocurrency and blockchain technology are currently among the biggest trends in the world. With the cryptocurrency world market capitalization at over $289b, this technology is yet to scratch the surface considering its immense potential. Sweeping various industries from energy, mobile payments, identification, border control etc, the insurance industry is not being left out of the blockchain revolution.

The “I-CHAIN insurance” (  created by Glass Cube Ltd. is a blockchain technology-based platform through which insurers (partners) publish their products on the platform while the customers buy and use these products. With a healthy mix of professionals from the IT/fintech, insurance, banking, retail and management consulting industries as founders, the I-CHAIN platform intends to provide fair, transparent and affordable insurance for everyone. The platform will allow insurance companies to cut cost as well as get access to new customers, thereby ensuring that new players find less difficulty in tapping into the insurance market.

The UBER of Insurance

The CEO, Yuriy Mukhin, in a recent interview with “Techbullion” described it as the “Uber of Insurance”, counting most importantly, affordability, as one of the problems the I-CHAIN aims to solve.  According to Yuriy words, the platform will allow people to run their own insurance business, as well as their own insurance products. For instance, the dentist who has their token can use constructor tool to create the product “1-year tooth filling loss guarantee” on the I-CHAIN platform and provide an insurance pool.  In addition, he can sell or give this product to his patients. By uberization of insurance, the platform has as its major objective, to connect insurers and related businesses with customers at a reduced cost, the same way consumers benefited from the low prices of the Uber Taxi platform.

Insurance companies selling their products on the platform will be able to save operational costs by using the built-in functionality. Small businesses can improve communication by providing services such as a call center in a specific language or expertise in certain areas. Individuals will be able to provide services to emergency commissioners or insurance brokers, and so on. Global and independent software developers will be able to offer their services and applications to insurance companies on the platform’s internal marketplace.

Benefits of the I-chain project

  • Fraud and Security: With customer information and claims stored on a blockchain, criminals will find it much harder to mask their identities or attempt to claim more than once. The blockchain technology eliminates paperwork, provides easier and improved access to data. The transparency and verifiability of the blockchain help to reduce fraud and result in faster settlement times.
  • Decentralised infrastructure: The existing model reduces dependence on centralized market infrastructures as well as government and regulators. Blockchain equally facilitates peer-to-peer insurance as well as a global reach.
  • Technology neutral general legal and regulatory compliance: Blockchain ensures compliance with any international data protection laws and regulations (however, market regulation and trust levels still need to be determined).

See more here at

Token ICO and importance

Since 17.05.2018, the ICHN utility tokens have been available for purchase via ICO at a rate of 0.1ETH at  One token gives right to bring service to 1000 clients via the platform.  ICO of Security Token, ICHNS, starts on 17.11.2018 and ends on 01.03.2019 at a rate of 0.2 ETH (twice as much as the utility rate of ICO token – 0.1 ETH). However, there will be a reward, provided by Glass Cube Ltd. of an equal quantity of security tokens for those who bought utility tokens before October 31, 2018 as an encouragement for cooperation and the platform development. In other words, the owner of 10 utility tokens before the above date will receive 10 security tokens immediately after their release registration.

ICO ends on 16-05-2019 with a total volume of 5 million tokens to be sold, each for the utility and security tokens respectively. 7 million tokens are reserved for the platform while 2 million tokens are reserved for the team, each for utility and security tokens respectively.

The I-CHAIN platform is built on the Ethereum Blockchain, hence, both utility and security tokens conform to the ERC20 standards.

I-CHAIN token perspectives
Like many other tokens, The ICHN, Utility Token has a limited supply and no new ICHN tokens will be issued.  As the platform develops and breaks into the insurance market, utility tokens are bound to rise in value as only utility tokens will be used to build own business and sell products on the platform. After ICO tokens only can be sold from one owner to another, the marketplace will be organized by I-CHAIN.NET. As utility token enables to organize own insurance business as soon as platform starts to function, the value of utility token can grow up to 10% of “regular” insurance company start-up costs for license and software (for 1000 customers). For example: depending on a country in order to organize a company for 100 000 customers an average license and software cost can be about $5m, at the same time 10 Utility tokens are enough on I-CHAIN.NET. Based on that Utility token value: 10%×$5m/10 = $5000. It is the current estimated “ceil” of Utility token value. Utility token allows organizing own insurance business for fraction of cost, compared with “regular” approach, and to get profits from own business.

For the ICHNS, Security Token, there is also limited supply and no new ICHNS tokens will be issued. These tokens provide an opportunity to share the platform profits. With total insurance market volume of $4trillion, a market share of just 2% and charge of 0.5% of transactions value estimated profit is about $350m/year ($400m minus $50m expenses). Owners of security token will be able to receive dividends. Those who bought utility tokens before 31.10.2018 will receive the same amount of security tokens (10 utility tokens=10 security tokens).

With the prototype ready (, the platform will be developed with respect to crowdfunding. The “I-CHAIN” whitepaper is available for download at

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