The InsCoin project is introduced to be the world’s first insurance company that will allow the customers to pay the insurance premiums in cryptocurrency (INSC). Hence many projects introduced in the recent few years to encourage the use of cryptocurrency, the InsCoin is no different. However, it will be the first to address and resolve the issues related to falsification of the insurance policies.
This project is going to be the first that is attempting to merge the digital world with the real world by utilizing the latest technologies such as the Blockchain technology. It will form a more advanced and the most efficient structure in this field to develop solutions for the issues such forgery of insurance policies and the issue of certification. The Knox project is planning to introduce the insurance policies in traditional paper form and also in smart contract.
It is a revolutionary step towards a better future. The smart contract will prevent spreading of false insurance plans between the customers. However, smart contract will sue the same system that will issue the insurance policies later. There will be no delay in collecting credits, hence the policy will be issued immediately after collecting the payment.
Why InsCoin is a promising solution?
The InsCoin seems a promising solution because of using the smart contract to keep things fair. The clients will get the traditional paper form as a hardcopy of the policy. They may lose the hardcopy and therefore the Knox project will automatically produce and assign a smart contract to every client. This smart contract will contain all the details of the policy. The client can easily view the details in real time to avoid further troubles. Every policy holder will gain complete authority over the purchased insurance policy. They will certainly feel empowered because they can anytime check the policy, whenever it is necessary.
When it comes to accessing the policy over the Blockchain, the clients can either access it through the website or use a mobile portal. This platform will first ask you to verify the identity and then you can access your policy. It is important for the security purpose. The smart contracts will always play a major role in automatically managing the monthly payments. Thus, it ensures the insurance premiums are paid timely and the insurer is not facing any sort of loss.
The Knox project is majorly relying upon the Blockchain technology because it is trying to reduce and eliminate the attempts of illegal insurance claims. Many insurers face loss because of non-legal insurance claims. The InsCoin project is designed to prevent the insurance companies against the fraudsters and help the customers in experiencing a transparent insurance process.
The InsCoin or INSC will be the only currency that will work on the Knox platform. The interested users will first buy this cryptocurrency and then they can access the services offered by the Knox Project. The pre-ico sale of the INSC tokens is on and the main initial con offerings will start on 23rd July, 2018.