BTCManager Logo with clear background. Orange and white font.

BITCOIN PRICE: 8,170.01     HIGH: 8,354.46     LOW: 7,935.00

=
BTCManager.com
advertisement
advertisement
advertisement
#TRENDING STORIES
Next Event

Baltic Honeybadger 2017 • November 25-26, 2017

The Baltic Honeybadger conference is the first major event in Latvia dedicated to Bitcoin and the technologies built around it.…

Click for more details
advertisement
BTCManager.com

Blockchain Platform fidentiaX Set to Disrupt Tradable Insurance Policies Market

by

Blockchain Platform fidentiaX Set to Disrupt Tradable Insurance Policies Market

Are you aware that your insurance policy is a tradeable asset? Many life insurance policyholders are aware that they are able to surrender their policy to their insurance company in exchange for its cash value, but few are aware that it’s possible to sell a policy on the open market at a higher value.

fidentiaX is a new fintech platform that aims to create the world’s first tradable insurance policy marketplace on the blockchain, making it possible for users to monetize their policies as well as invest in a rapidly growing market that is currently worth more than $3.86 trillion.

The tradable life insurance policy market has existed for some time, although it is not common knowledge amongst policyholders that life insurance policies, in many cases, are tradeable assets that can be sold in the open market to increase their value. In 2015, roughly 50.89 percent of all surrendered life insurance policies — a figure that amounts to more than $57 billion — could have been resold in the US alone.

One of the primary reasons from this endemic lack of policyholder awareness is that there is no recognizable marketplace for tradable policies, a fact that fidentiaX aims to change. The fidentiaX platform is set to decentralize the tradable insurance policy market, eliminating third-party brokers.

Creating a Trustless Policy Marketplace

The existent policy market is plagued by a number of problems that make trading insurance policies unwieldy and cumbersome. Buyers are unable to access a comprehensive list of available policies and are typically restricted by geographic region, as both buyers and sellers are typically required to be present at the insurer’s office at the time of transfer.

Buyers are also required to place trust in a secondary market provider in the current market paradigm, paying in advance without assurance that the policy will be transferred. The architecture of the fidentiaX platform, however, creates a simple and elegant solution to these issues by leveraging the unique functionality of blockchain technology.

advertisement

Policyholders seeking to extract value from their tradable insurance policies can submit their policies to the fidentiaX platform, where they can be browsed by potential buyers. When purchasing policies, buyers are able to use the fidentiaX platform to complete the relevant documentation and place purchase capital in escrow with fidentiaX.

After the funds for the policy have been secured by fidentiaX, policyholders are then able to effect the transfer of their policy to the buyer and submit the relevant documentary proof of transfer to fidentiaX. Upon verification fidentiaX then releases the purchase funds to the seller and the documentation to the buyer at the same time, facilitating seamless peer-to-peer policy trading without the need for a third party.

The Minds Behind fidentiaX

Based in Singapore, fidentiaX was launched in early 2017 by a team of industry veterans that boast more than 35 years of cumulative experience in the finance and insurance sectors. The fidentiaX platform is the brainchild of co-founders Alvin Ang and Douglas Goh, both of whom have held senior positions in fintech and banking.

Interestingly, fidentiaX has engaged Blockchain Zoo in order to develop the blockchain elements of the platform architecture. Functioning as a team of blockchain experts, consultants, and trainers, Blockchain Zoo is led by Barton Johnston, Jean-Daniel Gauthier, and Roberto Capodieci. The Blockchain Zoo team will be spearheading the development of the engine that drives the fidentiaX platform.

The fidentiaX Token

fidentiaX has opted to generate the capital required for the development of their platform via a token crowdsale. The platform will be releasing 100 million fdX tokens for crowd token contribution. The private contribution round of the token sale is currently underway at the time of this report, with the public contribution round set to begin on November 6, 2017.

fdX tokens will be used on the fidentiaX platform to allow members to purchase insurance policies at a significant discount. fdX tokens will be purchasable with ETH at a conversion of 1 ETH to 500 fdX. Early birds that purchase tokens within the first five days of the token sale will be provided with a 10 percent bonus.

To find out more about fidentiaX, you can read their whitepaper.

Category: ICO News

Tags: , ,

Join our Telegram Channel!