Teambrella – A Peer­ to­ Peer Insurance System Using Bitcoin

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Teambrella is the first peer-to-peer insurance service backed with Bitcoin and the creators say its users have exclusive control over every aspect of insurance: rules, premiums, claims and reimbursements making insurance fair and transparent. 

In a recent whitepaper, the writers, Alex Paperno, Vlad Kravchuk and Eugene Porubaev, say that most insurance services are inefficient and non­-transparent and they say they have designed a way to solve these issues by implementing a system that provides peer ­to­ peer insurance which Bitcoin Wallets play an integral part of the design.

We have proposed a system for peer ­to ­peer insurance. Users of the system can create or join teams, where each member is a peer. Each peer is both a provider and a consumer of the insurance service and each premium payment is, in fact, a part reimbursement of a claim. Peers collectively administer all functions of their team by voting. To make the voting process efficient we propose chainable proxy voting, with voters being compensated for their time. To enforce premium payments we introduced distributed Bitcoin wallets that prevent spending not sanctioned by other peers. Distributed wallets are not server­ controlled and can be transferred from if the server(s) is compromised.

With Teambrella,  the users will have mutual control on most aspects of their insurance including risk evaluation and processing of payments and the mutual control is implemented via a voting mechanism that can be delegated to proxies. In order to ease the burden of payments between peers, they use Bitcoin as a mean of providing coverage and payment of reimbursements.

The framework for the P2P organization includes a decision­-making layer and a payment layer. The payment layer is based on Bitcoin technology. The decision­making layer consists of a server(s) used as a medium for communication and voting.

Upon closing of voting the server(s) prepares a set of bitcoin transactions from team members’ distributed wallets to the claim submitter’s pay ­to address. Additional transactions may be created for compensations for voting. 

You can see view and download whitepaper at Blockchain News Library along with over 200 other Blockchain whitepapers and reports from 2015-16 here. 

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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