Etherisc and Mittweida University of Applied Sciences Develop Novel Blockchain-based Decentralized Insurance Solution

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[email protected] September 21, 2021

Etherisc, the open-source, decentralized security protocol and ecosystem, unneurotic with the Blockchain Competence Center Mittweida (BCCM) at Mittweida University of Applied Sciences, contiguous announces the motorboat of a associated task to make a blockchain-based security prototype. This task aims to supply refined alternatives to accepted security policies by leveraging decentralized autonomous organizations (DAOs) successful operation with artificial quality (AI) and instrumentality learning (ML) to streamline and automate the process of security appraisal and payment.

The Community Supported Insurance task aims to make a just and sustainable exemplary that tin importantly trim premiums and administer profits regionally for charitable purposes. In addition, the usage of blockchain exertion volition guarantee transparency and fraud protection, portion besides providing a scalable solution that exists autarkic of nationalist borders. End-customers seeking to avail of the solution tin besides enactment successful its improvement astatine the aforesaid time, helping to find indispensable features arsenic portion of the assemblage ethos of the project.

Commenting connected the announcement, Christoph Mussenbrock, Co-founder, Protocol and Architecture astatine Etherisc: “We’re excited to beryllium moving with immoderate of the brightest minds successful the world blockchain space. Traditional security models are characterized by cumbersome claims and payout processes, debased levels of transparency, conflicts of interest, and debased payout amounts. Through this endeavor and world partnership, we question to flooded these challenges done the improvement of an wholly caller blockchain security platform. This harbours immense imaginable for consumers successful the portion and beyond to payment from genuinely innovative security products and policies.”

Etherisc and Mittweida University of Applied Sciences are collaborating connected an archetypal proof-of-concept and aviator test, followed by the improvement of a last prototype for a fully-fledged decentralized security solution. The last prototype volition incorporated technologies and frameworks specified arsenic DAOs, AI and instrumentality learning and usage these tools to trim administrative costs, alteration scalability for products, and supply transparency for consumers.

The usage of a DAO enables nonstop lawsuit information successful cardinal merchandise plan and power decisions. At the aforesaid time, the task besides includes an AI constituent to find the hazard of a assertion occurring, aiding successful better-designed policies and faster payout processes.

Professor Andreas Ittner, Head of BCCM astatine Mittweida University of Applied Sciences, commented: “Etherisc has an inspirational imaginativeness to marque security just and accessible done a decentralized open-source security protocol and we are excited to bring our expertise to carnivore successful the improvement of a associated product. Together with Etherisc, we are exploring methods to incorporated the latest technological developments and harness the imaginable of blockchain exertion to make meaningful security solutions for the payment of each consumers.”

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