Quarterly Management & Leaders Meeting / Development Progress / Security
Quarterly Management & Leaders Meeting
As mentioned at the end of last weeks post, Cristina our Co-founder and Dick our Regional Director of Asia came to our HQ in London to kick off our quarterly management & leaders meeting.
We believe that this was a huge step for us to align all efforts across the board and we came to some very bright conclusions.
During the meeting we discussed the following;
1. Product Vision
2. Roadmap Q1/Q2
4. Roles and responsibilities
5. Regional strategies
With all the juicy discussions and decisions we came to right now, we have decided to hold off that till next week, so we can all settle back into position, concentrate on following through our initial goals for then to report on the journey we have mapped out.
Check back here next week.
Now for the dev. We are certainly picking up speed!
With a lot of hard work, we have been building out the pieces needed to facilitate a real world, end to end insurance placement process, from enquiry to firm order. This entails:
- Tools to capture the required information from the insured
- Services which operate on that data to build informative views of an insurance enquiry for brokers and underwriters
- We have added an IXT Payment Management Smart Contract which handles the IXT token payments. The Payment Smart Contract will be securely permissioned and only a certain set of contracts will be able to use it.
- Services which manage payment/reward of IXT upon certain transactions
- Services which write resultant insurance contracts from that data to the blockchain, once agreements have been made
We have then integrated and deployed those to the Ropston Ethereum blockchain, to test the process in a production-like environment.
Further to note, we undertook to build an Ether manager that pays for users’ transactions on our platform, which means that they are not required to buy their own Ether. The Ether manager works by estimating the gas cost of a function call and then transferring the appropriate amount of Ether to the user account. We have also included functionality in our sign up process so that a user’s newly created Ethereum account approves our payment contract to make IXT payments for them. Again, this means that a user won’t have to transfer IXT themselves to pay for the creation of an insurance contract, but instead, the payment is managed by us.
The source code for the payment contract will be public so anyone can verify that IXT payments cannot be made in any other way than upon creation of an insurance contract.
In summary, the signup process consists of;
1.) Creating an Ethereum account for the user
2.) Sending the appropriate amount of Ether to that account
3.) Approving the payment contract to spend IXT from the user account.
After signing up, a user can then either deposit their own IXT into their account or buy IXT from us which is deposited into their account (to be implemented). They reap the benefits of using blockchain without having to understand or interact with it, as behind the scenes everything is securely managed by us.
Nigel, our in-house IT Infrastructure and Security specialist is doing a fine job protecting us and ensuring that our IT infrastructure can handle all on going development work as well as enabling us to scale. Also, worth mentioning that we are now moving ahead from this week with the process of becoming GDPR compliant. Completion date will be May 16th.
Till next time!