LenderBot is a proof-of-concept micro-insurance platform that uses the bitcoin blockchain for insuring all sorts of things. Most notably, products and services in the sharing economy, such as AirBnB stays and Uber rides.
Professional services firm Deloitte , Blockchain technology startup Stratumn , and next-generation insurance platform LemonWay have come together to demonstrate the potential of several new applications and services that use the blockchain, all aimed at the insurance market.
Micro-insurance could be added to purchases, rentals, and service contracts through a variety of methods, such as while texting, using a smartphone app, or during a shopping cart checkout process. All of these could allow for simple options to be agreed upon by multiple parties, with the output recorded on the bitcoin blockchain for immutability and easy access.
“Deloitte has developed in partnership with Stratumn and LemonWay, a prototype capable of offering a customized micro-insurance tailored to the needs, practices and profiles of younger generations. This insurance of the ‘sharing economy’, based on Blockchain technology, will ensure the new services of ecosystems that make up the lives of new generations.”
– Deloitte (translated)
While businesses could offer such policies with their product or service, individuals could offer them to each other while lending something, like their lawnmower to a neighbor.
Simply replacing the retail store-offered “service plan” on high-dollar items such as electronics could be a great use case for LenderBot insurance. However, the large and growing sharing economy is in particular need of better insurance options that are flexible to meet their non-standard format.
“The sharing economy has disrupted a variety of industries and increasingly the very idea of ownership is becoming more fluid among younger people, thanks to the spread of the internet and various sharing platforms. By integrating with social platforms and notarizing transactions on a public blockchain, insurance companies can provide […]
