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.

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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 and publisher of industry publication Blockchain News (EST
2015), a partner at ICO services collective Token.Agency
($750m+ and 90+ ICOs and STOs), director of education company
Blockchain Partners
(Oracle Partner) and ICO event organiser
at leading industry event CryptoFinancing (Europe's first ICO event now
branded Tokenomicon)
– Vancouver native Richard Kastelein is an award-winning publisher,
innovation executive and entrepreneur. He sits on the advisory boards
of some two dozen Blockchain startups and has written over 1500
articles on Blockchain technology and startups at Blockchain News and
has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.  Irish Tech News put him in the top
10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of
Blockchain
at China's first Blockchain University in Nanchang
at the Jiangxi Ahead Institute of Software and Technology. In 2018 he
was invited to and attended University of Oxford's Saïd Business School
for Business Automation 4.0 programme. Chevalier (Knight) - Ordre des
Arts et des Technologies at Crypto Chain University and an Advisory
Board Member of International Decentralized Association Of
Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member
at U.S. Blockchain Association. 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 in Amsterdam, Antwerp, Barcelona, Beijing, Brussels,
Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki,
London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San
Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel
Aviv,  Utrecht, Venice,  Visakhapatnam, Zwolle and
Zurich.  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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