Litentry DID tech to power decentralized insurance protocol from InsurAce

2021-5-3 02:29

CryptoNinjas » Litentry DID tech to power decentralized insurance protocol from InsurAce

Litentry, a cross-chain decentralized identity (DID) aggregator that enables the linking of user identities among multiple decentralized networks, has announced a new strategic partnership with InsurAce, a Singapore-based DeFi insurance protocol.

Both teams will be working together to explore the application of decentralized identity technologies for decentralized insurance use-cases.

Litentry DID Technology Empowering InsurAce Insurance Protocol

Under this partnership, Litentry will provide a privacy-computation-based KYC/AML identity service to InsurAce. The purpose is to verify the identity of its clients and assess their suitability; along with the potential risks of illegal intentions towards the business relationship.

The data is signed by third-party institutes and could be verified by providing zero-knowledge proof. This will make sure one can perform computation and analysis of users’ data without compromising privacy.

Moreover, InsurAce will integrate Litentry’s DID aggregation API and computation model; which will help them to better understand the on-chain behaviors of insurance buyers and hence their risk profile. This risk profile would be used to set premiums for different users based on sophisticated algorithms.

Challenges For Decentralized Insurance Protocols

Although DeFi insurance leveraging on the blockchain technology has proven to be effective and useful, it can be further improved if more identity information can be applied to tackle some of the challenges.

Blockchain technology can prevent a profile from being monitored, but its pseudo-anonymous nature creates additional issues which compromise the user experience and fails to meet legal requirements.

Examples include:

Insurance protocol is not able to identify humans from a large number of anonymous addresses. Detecting suspicious users, such as hackers and money-launderers which may lead to fraud activities. Cannot assess risk profiles of users to customize insurance premiums for individuals. Difficult to continually monitor user behavior; therefore cannot optimize risk management strategy. INSUR Token

InsurAce has quickly become the second-largest insurance protocol in DeFi. At the time of writing, the protocol has a $40 million market cap based on a circulating supply of 8 million INSUR tokens. There is a maximum release of 100 million INSUR tokens which can be mined through staking on the protocol.

CryptoNinjas » Litentry DID tech to power decentralized insurance protocol from InsurAce

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Decentralized Machine Learning (DML) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0009581 (-100%)

decentralized insurance insurace litentry protocol did power

Источник: cryptoninjas.net

decentralized insurance → Результатов: 77


Decentralized insurance platform Tidal to use Litentry to enhance security on ID-based networks

CryptoNinjas » Decentralized insurance platform Tidal to use Litentry to enhance security on ID-based networks Litentry, a cross-chain decentralized identity (DID) aggregator that enables linking user identities among multiple decentralized networks, has announced its newest partnership with Tidal Finance, a decentralized insurance market that supports custom insurance pools for one or more assets.

2021-5-22 03:14


Nexus Mutual Expands Insurance to Cover Binance Smart Chain and Polkadot Users

Nexus Mutual, a firm that provides insurance services in the decentralized finance (DeFi) space is extending its services to cover more blockchain networks. Nexus Mutual To Protect Users From Smart Contract Risks In DeFi The company announced that its newly launched Protocol cover was rolled out to meet the increasing demand of the decentralized finance […] The post Nexus Mutual Expands Insurance to Cover Binance Smart Chain and Polkadot Users first appeared on BitcoinExchangeGuide.

2021-4-27 16:20


PolkaCover Launches the Platform’s Demo Decentralized Application

Polkacover, the ingenious platform that bridges the gap between traditional insurance companies and crypto-insurance products has just launched its Demo Decentralized Application, demonstrating how users can connect with several insurance providers offering global insurance products such as crypto-related protection, health, life, and more, with ease.

2021-4-17 14:39


KardiaChain integrates with ShareRing’s blockchain travel app

KardiaChain, a scalable, non-invasive interoperable hybrid blockchain platform, today announced integration with ShareRing, a transparent, decentralized ecosystem. With the upcoming launch of ShareRing’s app, ShareRing will integrate KAI token, opening up new utility through ShareRing partner products, including travel services, e-commerce, e-visas, local delivery services, healthcare, passport apps, payments/foreign exchange apps, car rentals, insurance, and […] CryptoNinjas.

2021-1-19 19:12


Фото:

Etherisc-Powered Smart Contract Insurance Platform to Aid Kenyan Farmers

The Chainlink Community Grant Program is funding a blockchain project to aid smallholder farmers in Kenya. Using Blockchain to Help Farmers In a recent announcement, the Chainlink Community Grant Program revealed that it was funding a low-cost insurance project between decentralized insurance protocol named Etherisc and ACRE Africa, an Africa-based micro-insurance issuer.

2020-11-16 15:00


Chainlink to Provide Decentralized Weather Data for Arbol’s Crop Derivatives on Ethereum

Chainlink has partnered with Arbol, a crop insurance startup, to enable farmers to hedge against weather risks based on Ethereum’s smart contract infrastructure. Arbol will leverage Chainlink’s decentralized data feed to keep its fundamentals up to date such that the farmers are settled in time and at the prevailing market prices. Arbol’s smart contract ecosystem […]

2020-8-20 18:35


Decentralized insurance protocol Nexus Mutual integrates Chainlink oracles

Nexus Mutual, a peer-to-peer risk sharing mutual built using smart contracts and blockchain technology, announced today it is now using Chainlink’s price reference data contracts for decentralized valuations of its multi-currency capital pool Chainlink’s decentralized oracle network will bring transparent and accurate on-chain valuations to Nexus Mutual’s multi-currency capital pool.

2020-3-5 20:39


XR Web ICO

XR Web is pioneering the development of the spatial / XR web 3. 0 with a Decentralized framework to build applications that are meant for the physical spatial world around us and incorporate AR/VR technologies Types of applications XR Gaming platforms XR Advertising network XR Shopping XR Social Media XR Real Estate XR Insurance How to use? Developers - Build Developers can use our SDK and API framework in various languages to build XR and spatial applications that are connected to our blockchain and protocol.

2019-5-22 12:12


дальше еще 28 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Decentralized insurance platform Tidal to use Litentry to enhance security on ID-based networks

CryptoNinjas » Decentralized insurance platform Tidal to use Litentry to enhance security on ID-based networks Litentry, a cross-chain decentralized identity (DID) aggregator that enables linking user identities among multiple decentralized networks, has announced its newest partnership with Tidal Finance, a decentralized insurance market that supports custom insurance pools for one or more assets.

Money market protocol Konomi integrating DID from Litentry to better adjust collateral rates

CryptoNinjas » Money market protocol Konomi integrating DID from Litentry to better adjust collateral rates Litentry, a cross-chain decentralized identity (DID) aggregator, today has announced a new collaboration with Konomi, a decentralized money market protocol built using Polkadot’s Substrate, to use its on-chain DID data to better cater to the needs of Konomi’s growing borrower and lender customer base.