Deloitte and Stratumn unveil blockchain-based micro-insurance PoC

posted over 3 years ago
Stratumn, Deloitte and Lemonway unveil LenderBot, the first micro-insurance proof of concept for the sharing economy. LenderBot allows people to easily enroll in customized “microinsurance” simply by chatting through Facebook Messenger. The goal is to insure high-value items (e.g. cameras, smartphones, tablets) between individuals.

When one person lends an item to another, the bitcoin blockchain serves as the trusted third party in the loan contract. Stratumn provides the tools which establish a Trusted Workflow, where each participant (lender, borrower, insurance company, payment provider) can append signed information to the process. Steps in the process are cryptographically linked together, notarized to the Blockchain, and visible to all parties involved.

Through a bot available on Facebook Messenger, the lender and borrower will be able to agree on the terms of a loan and digitally sign the agreement directly by interacting with the bot.

LenderBot also integrates a payment solution by LemonWay. Each step which defines the conditions of the loan and the payment of the insurance contract are notarized in the bitcoin blockchain, and are thus verifiable by all parties in the contract.
Tags: blockchain, news