Global Mutual Society Based On Blockchain.

blockchain as an emerging technology is dramatically overturning the way we think. not only the technology innovation blockchain brings real changes to existing business models and even affects daily life. insurance, as one of the fundamentals, need of human beings, could be traced back to ancient mutual organizations. after years of development, there are three existing firms that are mutual insurance, commercial insurance, and mutual community. the global premium was 3.92 trillion last year accounted for 5.7% of the global economy. obviously, the insurance is a market with a large capitalization of huge potential. among all the implementations of blockchain technology mutual community is defined one of the most appropriate ways to use it. by using consensus mechanism. blockchain make the autonomy of the system possible. with the decentralized system build upon on the blockchain HMS will deliver affordable healthcare coverage by removing intermediate cost and separating the medical cost among members. Both individual and organization will be able to join the plan by depositing a certain amount of tokens. When a qualified policyholder is diagnosed with one of the specific illnesses on the predetermined list, s/he could upload the documents and file a claim. As long as the claim is approved by the elected notary organizations, a certain amount of token will be released as payout. The community will be managed by elected committee at the beginning and gradually decentralized. Restricted by smart contract, the operation of the system will be autonomous, efficient and transparent.

Submitted March 13, 2018 at 02:38AM }
via reddit