Mattereum provides natural language contracts, along with corresponding smart contracts, to facilitate common legal tasks.
In addition to the already known segments of insurance, such as motor, life, health, and property, the company wants to improve other areas, including blockchain business transactions. InsurePal, an award-winning next generation, peer-to-peer insurance based on social proof endorsements, has announced a collaborative partnership with the first Internet of Agreements infrastructure platform, Mattereum. Rob Knight, an experienced entrepreneur, software engineer and architect and Chief Technology Officer, is responsible for the overall management of Mattereum, notably implementation and co-ordination of the technology. InsurePal, a distributed social proof insurance ecosystem powered by blockchain technology is now just a few weeks out from commencing its initial coin offering of IPL tokens.
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InsurePal is challenging the current insurance industry, which fails to deliver transparent pricing model and guarantee fraud protection.
Identity The companies signed a letter of intent to collaborate in using blockchain to empower individual users of the technology. InsurePal is providing the trust and transparency that people are looking for through the self-regulating social proof mechanism. Recentemente, a InsurePal anunciou sua parceria com a startup de contratos inteligentes Mattereum. For that, the InsurePal token crowdsale will be processed automatically and a security measure for the contributors will be included.
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Their obvious application there is to replace the multiple systems involved in any given type of financial transaction with a single shared blockchain.
London, 16 February 2018: Mattereum and InsurePal have announced the Identity Insurance Consortium (IIC) to drive insurance-based identity solutions to underpin the security of commerce on the blockchain. Insurepal (IPL) Here’s a project with actually zero technical roles listed on its team page. Mattereum and InsurePal share a vision of a future blockchain economy with three pillars: 1. InsurePal will provide insurance of all transactions through its network, while Mattereum will serve as a decentralized court of arbitration for disputed smart contracts.
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Mattereum will create and manage the legal and technical systems required to implement the control and transfer of rights in material and intellectual property, as well as digital assets.
Meanwhile, social proof can reduce the insurance premiums to a level where insurance can be included in any smart contract transaction, offering a major public benefit. Mattereum is a synthetic jurisdiction providing certainty about the legal frameworks which will be used to handle issues arising from new technology in business. “InsurePal looks like very good, clear thinking on how to model risk in insurance in new ways, and deploy new technology to implement those risk models. As such, Mattereum adds a vital component to the ecosystem of InsurePal, which is now composed of insurance, blockchain ID, and arbitration.
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With that feature of the platform forefront, the InsurePal team made a major agreement this past week with Matterum, a purveyor of smart contracts for the real world.
Together, insurance and dispute resolution support claims about identity that can be relied upon because those claims can be insured and compensation in case of misidentification can be legally enforced. InsurePal brings responsible decision-making and social proof into the 21st century. However, Mattereum goes a bit further than just creating a contract for use on the blockchain. The two companies signed a Letter of Intent (LOI) on December 18th to collaborate on the effective mass use of blockchain for the InsurePal application.
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Organisations in the insurance sector and those already involved in blockchain trades are invited to become members of the Identity Insurance Consortium and contribute to its development.
Security, trust, and tangible benefits for all parties will make InsurePal a vital component of blockchain business transactions. According to the company, providing financial compensation in case of a breached contract will help to solve the problem and significantly expand blockchain usage. The company believes blockchain is the best architecture for the project implementation. It does so by helping harness the power of blockchain software in the execution of legal contracts while providing a simple legal interpretation and implementation to digital trade. But for the blockchain to work, InsurePal says, individuals have to trust the system.