Peer Social Proof Information: Redefining the Power of Blockchain
For years, we have allowed the growth of large corporations that have literally enslaved us to feed their greed. To change this narrative, internet came as a first big breakthrough, making information widely available, and consequently allowing us to speak-up and engage in conversation with the companies.
Blockchain is the next big thing as its true benefit doesn’t come from high earnings, as one might assume. In reality, its long-term value is reflected in the revolutionary paradigm of decentralization that empowers individuals and restores back our dignity. Now, we really are at a junction of how our future might look like.
We`re witnessing the rise of peer-to-peer organizations who have made it their priority to listen to the end-users and above all, adapting to their needs. We all know that payment for a certain service is necessary and do not object to that. But, as consumers, we wish the price of that service reflects its real value and is most of all, tailored to our personal needs.
But, insurance companies haven’t made that transition yet: either because they are too big, too traditional or just subjected to too many challenging regulations. They still spend the most money on expensive and extremely invasive methods through which they segment their customers, so they can bill them more.
The reason is perfectly illustrated in this statement:
“There is no longer any anonymity on the Web — unless we mandate it. The most personal information about your online habits is collected, bought and sold, often instantaneously and invisibly. Data collection is a business driven by profits at consumers’ expense.”
Therefore, their objective is to turn data into information, providing them with the best insight on your interests and personal behavior.
In the now, many insurtech are already challenging this rigid structure. However, InsurePal is the first industry startup fully harnessing the power of blockchain. We have decided to look on the insurance differently and put ourselves in customers` shoes.
Why should only insurances profit with our personal insight? And how can we make the process beneficent for all? The answer is social proofing. It is perhaps the most innovative model of risk selection and, when put on blockchain, it makes the need for a centralized institution redundant.
Our platform will act as a global provider of various insurance modules, based on social proof mechanics and it will represent an entry point to the entire insurance ecosystem. The social proof will be gained by receiving or giving endorsements and will also be applicable to having more than one endorses. As each new endorser also has their own social proof network, a hierarchical social proof virtual network will soon establish.
“Data is precious and will last longer than the systems themselves”, Tim Berners Lee, the inventor of the World Wide Web once said. In other words, digitalization made it happen that our own data are the most intimate (and therefore growingly valuable) data we possess.
The tokenizing will allow InsurePal to uniquely identify insurance assets, whereas you will be able to transfer the information to other types of business via a digital record. This is how you as consumer will finally be able to enter into a dialogue in an equivalent position when engaging with companies. And in return, to actually make a profit when exchanging your social proof information to them.
For more information about InsurePal crowdsale, visit our website www.insurepal.io and join us in conversation!
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