Based on the blockchain technology, the new project aims to accelerate trust between members of the crypto community, contributing to the growth of the distributed economy. InsurePal is the first blockchain-based platform addressing the main issues of the insurance industry.

Motivated by a “social proof” mechanism, the team behind the new service wants to build a more affordable insurance sector through rewarding behavioral patterns that stimulate individuals, groups and even society as a whole. InsurePal is challenging the current insurance industry, which fails to deliver transparent pricing model and guarantee fraud protection.

Using peer-to-peer endorsements, the platform will reduce premium costs and incentivize users, connecting them in a peer-to-peer insurance relationship. The company believes blockchain is the best architecture for the project implementation.

The technology is now rapidly developing, with its potential being recognized by leading investors. It is already forming new foundations for the economic system, given a large number of blockchain related projects appearing today.

Still, lack of trust remains to be the main problem impeding wider adoption of the technology. But for the blockchain to work, InsurePal says, individuals have to trust the system. Read more from coinspeaker.com…

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