Etherisc’s mission is to assemble an open protocol for decentralized insurance applications, making it faster, while providing lower operational expenses, giving more noteworthy transparency into the business contrasted with traditional operations, and democratize access to reinsurance ventures.
Three demos have just been produced for three diverse insurance fields: Flight Delay DAPP, Social Insurance and Crop Insurance. What's more, Etherisc is likewise taking a shot at a multi-signature crypto wallet that can be insured.
In July 2016, Christoph and Stephan met to discuss insurance on the blockchain, which is where Etherisc’s journey began. In only a couple of months after, our first version of a blockchain insurance application was born – the Flight Delay Dapp in September 2016.
We additionally connected a similar model of parametric protection to crop insurance based on climate information. We learned that parametric insurance functions admirably here because it originates a pre-established payout based on a triggering event, rather than waiting to evaluate and compensate for a specific loss. Our approach demonstrated that smart contracts can diminish operational expenses to a level that empowers new markets, conceivably conveying the advantages of insurance to a huge number of farmers in developing nations.
In November 2016, we joined hack.ether.camp, a virtual hackathon, to build up a decentralized market for insurance and reinsurance. We came up with a strategy for utilizing tokens to transfer and exchange risks effectively, bringing the idea of insurance-linked securities to the blockchain. This is the sort of tokenization of dangers we anticipate that organizations will make on the platform. We completed the hackathon as the most-funded project, receiving more than 500,000 Hackergold and around 3,000 Ether from early supporters. Find out more about that in our 2016 whitepaper.
In the meantime, Etherisc received an award as a winner in the Blockchain startup contest, sharing the main prize with Status.
In January 2017, we exhibited a model for social insurance on the blockchain as our submission for the Blockchain Virtual GovHack in UAE.
In April 2017, Etherisc won the Blockchain Oscar for "Most Innovative Blockchain Startup". We likewise began working with EY to investigate the administrative and legal factors of setting up and operating an insurance company on the blockchain.
In June 2017, Etherisc joined the Enterprise Ethereum Alliance and began the Insurance Working Group there, with Stephan and Christoph as chairs.
In September 2017, Etherisc won a jury grant at ICO Summit in Zürich, Switzerland in the pre-ICO start-up category. In the last quarter of 2017, we sold in excess of a hundred flight-delay policies to travellers to the Devcon3 meeting in Cancun, the Blockchain Summit in Zug and the Token Summit in San Francisco.
In December 2017 we established the Decentralized Insurance Foundation in Zug, Switzerland.