A wide range of industries not limited to health care, energy, journalism and real estate are already exploring and integrating the blockchain technology in their services considering its massive potential and characteristics. The latest in line happens to be the insurance industry. This industry generally has few market players due to the complexities and technicalities involved in running an insurance platform.
Glass Cube Ltd is bringing a revolutionary transformation to the insurance industry with the creation of the I-CHAIN platform, an insurance platform based on blockchain technology. I-CHAIN https://i-chain.net aims to revamp the industry by eliminating the repeated challenges it is constantly facing. This open source technology, “blockchain”, will permit a cross-border platform that provides insurance solutions globally.
The platform allows Insurers to publish their products while customers buy and use these products. Platform will cover common insurance processes (i.e. sales, claim processing) and channels of communication (web, mobile application). It will be possible to design additional products with extended processes and channels and place these products on marketplace for Insurers to acquire and use them for their business expansion. Risk pools will be created to cover insurance risks and partners will have the opportunity to invest into these Risk pools.
On I-CHAIN, there is room for small-scale businesses, entrepreneurs and insurance companies to thrive. Obviously, this platform will have a different impact on the way insurance services are carried out in different parts of the world.
Major services provided by I-CHAIN
The project is solving a wide range of problems in the industry. Most importantly affordability.
On the platform, individuals will be able to run their own insurance businesses and sell their own insurance products. They are creating a fair, affordable, efficient and reliable platform for the insurance industry.
On I-CHAIN, insurers could publish their products while anyone can buy them for use.
Common insurance processes and communication channels will also be covered on the platform while allowing the possibility to design extended processes and channels and publish them on the marketplace provided by the platform. There will be no need for third parties as consumers will be able to purchase insurance products on the platform via a website, messengers and mobile apps.
What problems is the platform solving?
- Scalability issues will be resolved because blockchain layer will be used by portion of data only when needed.
- Blockchain Expertise: Insurers will not need to be experts in blockchain technology to sell their insurance products as platform will provide them with framework. Hence, they will not need to build solutions from the scratch. This will equally shorten time-to-market.
- Common platform will also help to resolve common regulatory issues, as it will lobby interest of all industry players and their customers.
- There will be a healthy competition for customers among insurers, while offering a range of custom products which they will set up using the products constructor.
- Platform will allow the industry as a whole to streamline its processing and offer a better user experience for customers making claims.
- Claims and customer information will be stored on a blockchain which would make it much harder for criminals to hide their identities or attempt to make several claims. Fraud is thus reduced.
I-CHAIN Market Target
Due to the creation of a decentralised structure that has been made possible by the blockchain technology, I-CHAIN plans to enter the market all over the world. They are creating an insurance platform with a global coverage.
I-CHAIN Token Sale
Currently, the I-CHAIN platform is offering tokens for public purchase via ICO – initial coin offering, which happens to be a process of crowdfunding for start-up companies these days. It involves a process whereby a company offers their own token for public purchase in exchange for popular cryptocurrencies like bitcoin or ethereum. Individuals buy these tokens in anticipation of a rise in value.
The I-CHAIN offers 2 types of token. The ICHN, Utility token and the ICHNS, Security token.
ICHN, Utility token: The ICO of the Utility token has been on since 17th May 2018 at a rate of 0.1ETH. The token is, however, the only chance users have to utilize the platform. Since the token is the only option available to get your insurance company running on the platform, there is an anticipated rush of the Utility tokens during the current ICO Sale. Also, the value is expected to rise up to 10% of the regular price of starting up an insurance company.
The total volume of Utility tokens is limited and will be pegged at 5,000,000. There will be no issuance of new Utility tokens after the sale.
The Platform software will be distributed freely to partners. Owners of Utility token will be able to download and start using the i-chain platform node to earn profit. ICHN Utility token will regulate ability to service customers on the platform (one token allows to provide services/sell products to 1000 customers). However, there will be a transaction fee of 0.5% which will ensure availability of funds for further platform development.
In comparison to the traditional approach of running an insurance business which is usually capital intensive, making use of the ICHN tokens on the platform will reduce cost of owning and establishing an insurance business.
ICHNS, Security token: Glass Cube Ltd plans to issue Security tokens which will be listed on exchange. Owners of these security tokens will also benefit from dividend sharing on the platform. The Sale of Security tokens will commence on 17th November 2018 and end on 1st March 2019. Note that those who purchase Utility tokens before 31st October 2018 will receive an equal number of Security tokens after the public sale on 2nd March 2019. This is a way Glass Cube Ltd intends to encourage users on the platform. Just like the Utility tokens, there is a limited supply of Security tokens. Only 5,000,000 tokens will be available for public purchase during the ICO. There is equally an anticipation of rise in the value of Security tokens.
The I-CHAIN has created a telegram group for its members to easily communicate with team members. Here is the link: https://t.me/joinchat/F462i0nPobK18q8qvJdubA
