Cyclone Florence is getting stronger as it is bordering closer to the United States. A state of emergency has been revealed in Virginia, Maryland, Washington DC, and North and South Carolina. During such tragedies, insurance becomes an useful property. Etherisc, a Switzerland-based decentralized insurance company, is trying to integrate the procedure with the help of smart agreements based on the Ethereum blockchain.
Inning accordance with a Forbes report, it is estimated that the hurricane’s complete impact can result in the damage of around 759,000 residences, which will subsequently demand reconstruction prices worth $170.2 billion.
Just how can Ethereum-based wise contracts be used for insurance coverage?
Whenever a natural disaster hits, there is usually a hold-up of weeks and even months for victims to obtain their insurance money. To respond to such problems, Etherisc is aiming to automate particular phases to speed up the whole procedure.
The open resource system aims to present insurance policy products with the help of the Ethereum blockchain. The one year-old company has created $3.6 million in a first coin offering as well as is also helping various companies in framing their insurance policies using the clever contract code.
Renat Khasanshyn, co-founder of Etherisc, said: “We would certainly enjoy to use policies in Virginia. Yet introducing a product in several locations is no simple task.”
“Our strategy is to start creating plans for the next storm period in Puerto Rico,” said Khasanshyn.
A Business Correspondent at Custom Coins, Priya Raja has more than three years of professional experience in journalism. She has worked as an Assistant Editor and Content Writer prior to this, and has done Technical Writing and Business Writing. Outside the professional realm, she loves blogging, painting, crafts, and dancing. Basically, anything CREATIVE!