A Decentralized Insurance Smart Contract on The Binance Smart Chain Network. Insurance is often regarded as either being a mutual organism, where everyone is going to the same place, together; or an adversarial system where the objectives of policy holders and shareholders stand opposed.
We want to demonstrate that blockchain technology enables us to create ecosystems of cooperation, where individual objectives can be mutually aligned, so instead of everyone going to the same place we can all go in the same direction... towards a better financial future.
To achieve this outcome, We propose a hybrid mutual–investment model, where we create an ecosystem for everyone to mutually benefit, even though we all aren’t in the same space. This policy provides both insurance coverage, as well as a savings instrument that grows toward a specific target over a specific period. As the savings grow, the risk is reduced, and so too the cost of insurance, because the policy covers the outstanding balance of the savings target instead of the associated equipment.
How We Contributed
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Billa Coetsee: Lead Developer and Director of Development; Contributions: Backend, Documentation, Business Model and Contract Logic.
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Samuel Ngozika Anyanwu: Team Leader; Contributions: Backend, Video production, Business and Contract Logic.
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Marcelle Labuschagne: Director of Design; Contributions: UI/UX and Documentation.
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Andrew Kibor Chesang: Frontend Development; Contributions: Frontend Development and UI Implementation