Blockchain technology, experimentation, deployment, and adoption will transition us to a new paradigm for our social, digital, economic, and political systems.
Blockchain promises to change much more than just currency into cryptocurrency. Better access to better information, in real time, will mean that the insurance and financial services industries that have served as the gatekeepers to advanced economies for so long will have to adapt.
Sangha Systems understands this and is stepping into the forefront of innovating smart contracts that draw on advanced technologies based in the Internet of Things to custom tailor insurance products that are much cheaper than traditional policies.
Where old actuarial tables dictated overpriced business interruption coverage, a blockchain-based micro grid at the site of a mining operation will allow for decreased transaction fees, cutting out the need for a middleman insurance provider by creating intelligent risk pools.
We are extremely excited about the ability to pioneer this space.
Check out this article about AIG and IBM testing a new blockchain based insurance policy.