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Sunday, August 1, 2021
Home News Teambrella - A Peer­ to­ Peer Insurance System Using Bitcoin

Teambrella – A Peer­ to­ Peer Insurance System Using Bitcoin

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. 

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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