[BLOG] The authenticity of luxury items insured through blockchain
Simplifying the insurance process with Blockchain. Applying GUHADA for the best results!
There are many cases where we apply for the insurance to protect ourselves of future disasters and mishaps; however, when we are planning on signing up for insurance, there are lots of documents and process involved. As clients, we must go through such hassle process if we want to request for the compensation for damage through an insurance company. But at the same time, losing the important documents that are needed to process the insurance claim can cause more hassle; may have to visit certain facilities more than once just to get the documents reissued. Due to such inconvenience, there are a lot of people who declined to receive the insurance payment, and according to the statistics, it is almost up to 20% in certain areas.
Accordingly, there is a solution to shorten or simplify insurance claim processing. The blockchain technology may help in this situation. If blockchain is applied in the insurance industry, an automatic processing for the insurance claims can be developed. Corporations like Samsung SDS is planning on adapting the blockchain technology for resolution of insurance claim processes. In the case of the government facilities, the South Korean government is planning on applying blockchain technology for postal services. Through this, consumers will be able to file insurance claims for medical certificates, prescriptions, and others through the smartphone application without a need to request for the hard copies. It seems that adaption of blockchain technology will reduce the hassle of submitting insurance claims and this will reduce the number of people not willing to go through the pro the insurance claims because of the inconvenient processes.
Not only such cases above, blockchain based insurance settlement processing system already passed the development stage and it is being commercialized. IBM is already prepared to launch the system for the insurance industry and in parts of Asia, there is a medical service center that is using the blockchain application with the mobile processing of the medical insurance, that takes only a few clicks and minutes to process.
TEMCO’s GUHADA platform simplifying insurance processing as well. If there is a transaction of counterfeit items within the “GUHADA” platform, the purchasing party will be compensated through the insurance company that GUHADA is affiliated with. It is easy to assume that consumers who purchase luxury goods from a 3rd party or an open market platform may have doubts about the authenticity of the goods. So, the platforms employ a compensation contract in order to protect the consumers and provide authentic luxury goods.
However, what if we find out that certain item was a counterfeit, how would we be compensated? First of all, in order to be compensated for the counterfeit product, we would have to contact the seller who signed the compensation contract. In such cases, there are sellers who are willing to settle, and others who block the contact. Also, the open market platform does not compensate for the item either, so it is difficult to say that it is an insurance.
But in GUHADA’s case, it is different. By connecting with an insurance company, GUHADA platform will upload the entire process to the blockchain through the use of the smart contract. Not only that, entire transaction records of the insurance process, until the payment is issued are upload to the blockchain. Also, if it is found to be that the consumer’s product is a counterfeit, the consumer only has to report that the product is a counterfeit and the insurance company will verify all the data in the blockchain about the transaction, then the settlement will automatically be processed. Because of the blockchain’s transparency, such insurance process is possible.
It is very rare to see that a 3rd party platform would employ such ensuring system. GUHADA platform differentiates itself from other open market platforms by the insurance system using blockchain technology. Also, GUHADA is a revolutionary open market luxury goods platform in such a way that it simplifies the insurance settlement process through the use of blockchain.
GUHADA platform not only helps increase the trust of the consumers of luxury goods but also simplify the insurance claim processes. Also, from product registration to user login, product sales, delivery process, transfer of ownership, and applying of insurance, the entire transaction records of the supply chain process is upload into the blockchain for the purchases and sales in GUHADA platform. The innovation of simplified insurance claim process and blockchain’s special characteristics applied to GUHADA platform has great influence on the 3rd party open market platform industry.
TEMCO: Innovative Supply Chain Data and E-Commerce Solution through Blockchain and Smart Contract Technology.
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