First Insurance based on Blockchain (Part 01)

Insurance companies are in huge demand all over the world as insurance has influence everywhere from healthcare to the life sector. We can secure our various products, business, trade and daily items through insurance companies. Since the crypto market is very volatile and insurance is of great importance, it is important to include insurance issues, so I will try to discuss with you about this insurance company built on blockchain technology in a series of posts. In today's post I will share some info about the establishment of the first crypto based insurance company.

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Blockchain technology was still in its early stages in 2017. Most of the people engaged in this sector were highly associating it exclusively with cryptos like Bitcoin and Ethereum. While blockchain’s decentralized ledger concept was revolutionary, it wasn’t immediately clear how the technology could disrupt industries beyond finance. So the first step was taken in 2017 to extend the power of blockchain to a new sector was the creation of Etherisc. This is treated as the first blockchain based decentralized insurance platform. Etherisc was the first of its kind. It is an insurance protocol to bring transparency and fairness to the insurance industry using blockchain technology. Initial objective was like that as traditional insurance models are often seen as opaque & riddled with unnecessary intermediaries. Etherisc sought to change all that by creating a decentralized, blockchain-based solution.

In the next post I will share the difficulties of traditional insurance companies and also try to explain to you how this new system challenged the traditional insurance companies.

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VEIGO (Community Mod)