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.
- Lykke Crowdfunding – One -year Lykke Forward Offering - February 22, 2017
- Daimler AG Joins Hyperledger Blockchain Consortium as Premier Member - February 21, 2017
- Voatz and Clear Ballot to Explore Blockchain Technology for Remote Voting - February 20, 2017
- New Blockchain Smart Contract Token Developed By GameCredits - February 20, 2017
- Blockchain Could Be a New Operating System for the Planet Says Jeremy Wilson, Vice Chairman of Barclays Corporate Banking - February 20, 2017
- JAAK and the Guardian Initiative Announce MΞTA: A Blockchain Pilot for The Media & Entertainment Industry - February 18, 2017
- The StabL Project – Hadrien Charlanes Plans Stable Tokens and Derivative Products For Ethereum Blockchain - February 17, 2017
- Blockchain Energy Trading Trials Kickoff with Canada’s BTL Group and Austria’s Wien Energie - February 16, 2017
- Smart Dubai Office (SDO) and 1776 Launch Blockchain Challenge - February 16, 2017
- BOScoin, a New Cryptocurrency, Introduces “Trust Contracts” to Overcome the Shortcomings of Ethereum Smart Contracts - February 16, 2017
- European Commission Working on Blockchain – Plans Actively Seeking Pilot Partners - February 16, 2017
- Canadian Blockchain Company SecureKey Awarded U.S. Department of Homeland Security Grant - February 16, 2017
- Microsoft and KPMG Cut Deal and Kickoff Blockchain Nodes in Frankfurt and Singapore - February 16, 2017
- Global Blockchain Project FERMAT Announces Significant Alpha Release for the “Internet of People” - February 16, 2017
- Russian Blockchain Startup Exscudo Aims to Bridge Traditional Finances And The Cryptocurrency Market - February 15, 2017
- Active Year Ahead for Blockchain Solutions in Financial Services, says Corporate Insight - February 14, 2017
- BlockApps and Red Hat Cut Deal to Deliver Hybrid Cloud Solution for Blockchain Applications in the Enterprise - February 14, 2017
- Hyperledger Blockchain Turns One – Director Brian Behlendorf Updates - February 14, 2017
- The State Bank of India Initiates National Blockchain Bank Consortium - February 14, 2017
- The National Bank of Abu Dhabi (NBAD) Introduces Real-Time Cross-Border Blockchain Payments - February 14, 2017
- China Turning Hard to Blockchain – Focus on Fraud Reduction - February 13, 2017
- U.S. Department of Health and Human Services to Kick Off Blockchain in Heathcare Code-A-Thon - February 13, 2017
- Hexayurt Capital presents the Internet of Agreements at the World Government Summit - February 13, 2017
- EquiChain – Blockchain for Emerging Markets Post-Trade - February 13, 2017
- UK Government Approves Tramonex Labs to Issue Currency on Blockchain - February 12, 2017
- US Congress Buckles Down With Blockchain – Launch Congressional Blockchain Caucus - February 11, 2017
- Nick Szabo: Some Private Blockchains Qualify as Bona Fide Blockchains - February 10, 2017
- Bitfury Group and Government of Georgia Expand Blockchain Land Titling Project - February 10, 2017
- Expanse Project Announces Launch of the Expanse Bond System (EBS) - February 10, 2017
- WISeKey to Establish IoT Blockchain Center of Excellence in New York - February 10, 2017
- Blockchain Startup Coinfirm Gets $700k Growth Equity Via VC Funding - February 10, 2017
- Blockchain Health Startup Hashed Health Raises Nearly $2 Million in Initial Funding Round - February 10, 2017
- IBM Kicks Off Blockchain Initiative with Dubai Government - February 10, 2017
- Blockchain Pioneer Medici Ventures Invests in Factom, Inc. - February 7, 2017
- Canadian Blockchain Startup Equibit Raises Quarter Million Dollars in Day One of Initial Coin Offering (ICO) - February 5, 2017
- Blockchain-Fuelled Grantcoin Foundation Distributes Universal Basic Income (UBI) Grants To 1,132 People In 79 Countries - February 5, 2017
- Blockchain Startup Chronobank partners with NEM to create ChronoNEM wallet - February 3, 2017
- dotBlockchain Music Project Announces Partners - February 2, 2017
- Switzerland Promises to Ease Rules for Fintech and Blockchain Startups - February 2, 2017
- Netherlands’ ING Bank Completes 27 Blockchain POCs - February 2, 2017
- South African Blockchain-Based AR Game nears $1 Million in ICO Funding Goal - February 2, 2017
- The Wall Street Blockchain Alliance Announces New Blockchain Assets Working Group - February 2, 2017
- Tel Aviv’s Colu Launches Local Digital Currency for Liverpool – East London Next - February 2, 2017
- South Africa Mulling Over Blockchain Digital Currency - February 2, 2017
- Nine in Ten Governments Investing in Blockchain by 2018 Says IBM Study - February 2, 2017
- NATO Awards Estonian Blockchain Company Guardtime Contract for Next-Generation Cyber Range - February 2, 2017
- Microsoft and Tierion Collaborate on Attestations and Blockchain Proofs - February 2, 2017
- Irish Funds and Deloitte Trial Blockchain Proof-of-Concept - February 2, 2017
- Cambridge Blockchain Raise $2 Million for Digital Identity Enterprise Software - February 2, 2017
- National Altcoins – a Toy for Market Sharks or Godsend for Local Communities? - February 1, 2017