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First Live Credit Insurance on Centrifuge

Just a couple of months ago we started working with the InsurTech provider Hokodo, to bring trade credit insurance to invoices on Centrifuge. Hokodo, in partnership with the Channel Syndicate, a unit of SCOR Global P&C, provides an easy way to insure invoices against the risk of non-payment. The integration of Centrifuge and Hokodo combines the power of the decentralized, open Centrifuge network with world-class, established insurance services that leverage the immutable, verifiable data on Centrifuge to provide new integrations and offerings.

We are excited to share that within just a few weeks of collaboration, the Centrifuge-Hokodo prototype has launched successfully with a first transaction. Oxbow Partners, a UK-based strategy consulting firm, insured one of their invoices against non-payment using the recently launched Centrifuge test net “Russian Hill”. Even while Centrifuge is still in the alpha test-phase, the transaction used a real invoice from Oxbow Partners to their client, a large UK-Based finance provider. Hokodo underwrote the risk of the transaction and issued an insurance policy for the invoice. This marks a milestone for Centrifuge now supporting the first production use-cases and production data.

Hokodo leveraged the data originating from the Centrifuge network to underwrite the insurance policy. The insurance was then automatically registered on Centrifuge, immutably showing that the invoice was then insured against non-payment. This private, verifiable information can now be used by Oxbow Partners in case of a delinquent payment. The information can also be securely shared with other apps, service providers, or decentralized applications that are connected to Centrifuge in order to reduce their risk when offering financial services, based on this invoice. This integration bears advantages for service and (d)App providers as well as the companies sending invoices in the first place. For example, it enables suppliers to access financing at lower rates or potentially tap into an entirely new pool of funding services that have not been accessible before.

Simplified flow of the transaction.

All involved parties (Oxbow Partners, their customer and Hokodo) have identities on Centrifuge and used the peer-to-peer network to privately and securely exchange the invoice data. Hokodo insured the invoice that they received via Centrifuge and registered the insurance claim on the network in line with their standard underwriting procedures. Ethereum holds the Centrifuge Identities and simultaneously acts as a keeper of records, as per the standard of the Centrifuge protocol.

At Centrifuge, we are not only glad about the integration of the Centrifuge Network with Hokodo — we are also looking forward to all the applications (decentralized, or centrally provided) that will be leveraging the Centrifuge network going forward. After releasing our first test net only a few weeks ago, we are excited to see new use-cases being suggested by the market and are making sure that anyone building on Centrifuge will be supported on our way to the main net launch in the near future. You can always find us on Twitter, send us an e-mail[hello@], or join our public Slack channel.



Centrifuge is the platform for decentralized asset finance

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