Jan 30, 2018 · 4 min read

What is fidentiaX (fdX)?

fidentiaX’s vision is to create a marketplace and repository of insurance policies for the masses by leveraging on blockchain technology. This blockchain-powered marketplace will provide a trustless, immutable, auditable and transparent environment to disrupt the status quo. fidentiaX’s platform is a members-only platform that has an annual membership fee which is payable via fdX tokens and any token collected will be consumed.

fidentiaX will be a marketplace where users will be able to sell, buy or use it as a repository for insurance contracts. Instead of selling (surrendering) your insurance policy to your insurance company for a small sum, you will be able to resell it at a higher value to a third party through the fidentiaX platform.

The Life insurance market is estimated at several billions of dollars. In 2016, in OECD countries, this market was evaluated at US$4 billion. Reselling of insurance policies is not something new but has not gained traction as the most dominant players, the insurers, have no vested interest in offering this alternative to policyholders. In addition, the process is long and complicated because of third-party providers (notaries, specialized companies)

fidentiaX proposes a decentralized platform, in order to remove the constraints of a trusted intermediary.

What I can do with fidentiaX ?

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There is an increasing number of individuals wishing to sell their insurance contracts (life insurance, endowment policies). Most give up their policy to their insurer for less than their total premium paid or a small token amount. With fidentiaX’s marketplace, it will be possible to match someone who is willing to buy your most expensive insurance policy.

Why will someone buy my insurance?

To invest in a stable investment with fair returns. In addition, the investor will only have to support the policy bought for a shorter amount of time as compared to purchasing a new policy as the seller will have already completed a part of the term.

Why will you sell your insurance?

Because sometimes you may require money for other projects or you are unable to continue your policy due to challenging financial situation. Giving up (surrendering) your policy is already possible and could be a tempting option but you could get a better price by selling it to another individual such as on the fidentiaX platform.

fidentiaX also plans to incorporate additional elements:

- An insurance policy ledger: allows you to list and manage all your insurance policies and the history of these policies.

- A database of all insurance policies with monthly/annual cost

- Flexibility to upload insurance policies to track investments

Here’s how the fidentiaX Marketplace works:

1. An insured wishes sell his insurance, he will submit it to the fidentiaX platform and make it visible to potential buyers

2. Potential buyers consult the insurance contract, make an offer to purchase and transfer the funds to the platform. These funds are locked and the offer and the necessary documents are then sent to the seller

3. The seller, knowing that the funds have been transferred but are currently locked, will take the steps to transfer the ownership of the insurance contract

4. The seller uploads the document that proves the change of ownership in the fidentiaX blockchain. After verification, the document attesting the change of ownership is provided to the buyer, at the same time the funds are sent to the seller.

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What are the uses of the tokens?

The fidentiaX platform will use 3 different tokens, each one with a specific utility:

- FDX token

- ISX token

- e$, e€, eBTC, eETH etc

The FDX token comes from the ICO via the Ethereum blockchain, it will also serve to members who own them to participate in private auctions.

The ISX token is platform-specific and is attached to the dollar. It facilitates transactions on the platform. It is non-exchangeable, non-transferable and only used in the fidentiaX platform.

The e$ are tokens representing the fiat currencies (euro, dollars etc) used to exchange fiat against ISX.

You can only withdraw your money in the currency corresponding to that of your insurance contract.

If you sell an insurance policy in euros then you can only withdraw in euros.

How will the FidentiaX platform be developed?

FidentiaX is also in partnership with IXT (InsureX Ledger) also specialized in the field of insurance but on the side of professionals while FDX is aimed at individuals.

FidentiaX initial focus will be the Asian market and after that the US and Europe markets. The countries on which fidentiaX will focus primarily will be Singapore, Malaysia, Japan, Korea and Hong Kong. These countries have a large market in the field of insurance and are developing rapidly.

FidentiaX is currently available on the following exchanges. Trading pairs in BTC are available in Qryptos and COSS.




This article was written and published on

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