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Author: Barbara Huber

What if Blockchain Technology is Utilized in Providing Car Insurance?

Posted on November 8, 2020January 4, 2021 by Barbara Huber

Blockchain technology is still complex for many, yet innovative fintechs believe it can provide solutions to make car insurance coverage generally affordable.

The vehicle insurance underwriting process entails evaluation of the risks and exposures that potential clients present, in line with the coverage being sought as financial protection in case the need arises. However, given the numerous factors that can increase risk levels, even the minimum bodily injury and property damage liability insurance can become costly for a car owner

While such factors cannot be ignored in risk assessments, it often takes underwriters a long time in gathering information. Time for making timely adjustment of policies near the national average cost of insurance is crucial. Otherwise, with many car insurance companies quoting insurance rates daily, a slow assessment may come up with a quote that is no longer competitive when matched against the current national average insurance cost.

In What Ways Can Blockchain Technology Help Insurance Providers More Competitive?

Since blockchain technology works by way of a shared but secure ledger, car insurers will be able to track the frequency by which claims are being made for an insured vehicle. It’s one way of knowing the driving history of a client, which if demonstrating favorable or unfavorable results, will justify the need to adjust the insurance policy accordingly. .

Moreover, blockchain technology can make fraudulent car insurance claims impossible to perpetuate. In having other actors such as brokers, competitors whether insurers or reinsurers participating in blockchain operations, there will be available and relevant data that have been stored and shared in the blockchain ledger.

When it is easier for insurance companies to monitor factors that can contribute greatly to the cost of a car insurance, the faster it will take for underwriters to complete assessments that insurance clients will regard as cheaper by comparison. After all, comprehensive car insurance information are now easily accessible at insurance info websites like Car Insurance Near Me, making it possible for vehicle owners to collect data with which to compare their existing policy.

This greatly matters since a typical insurance coverage is only for a year, denoting that at the end of a term, clients will decide whether or not to renew their coverage with the same provider. Some clients, even if seemingly satisfied with their existing insurance provider, still prefer to shop around not only for cheaper rates, but also for insurance providers that can offer discounts as incentive for safe driving.

In most cases, those that occasionally use their vehicles discover that they can lower their insurance costs by opting for the Pay-as-You-Drive Insurance coverage. Through blockchain technology, insurers would be first to offer this option instead of letting such clients slip away. Through the shared blockchain ledger, insurance firms will be able to take note of clients who spend relatively few hours driving or exposing their vehicles to potential risks.

Insurers who immediately recognize such a trait in their clients will be able to develop cheaper policies and give them the edge of offering a “pay-as-you-drive” option ahead of their closest competitors. .

At IBM’s Global Blockchain Services, Global Manager Jason Kelley, strongly believes that blockchain technology gives people empowerment as they are able to exchange values without the need to disclose identities. The system is simple, transparent and safe to trust, while getting rid of all the costs and time wasted when trading values through conventional methods.

Bitcoin Proves Reliability as Safe-Haven Asset During COVID-19 Crisis

Posted on June 2, 2020 by Barbara Huber

Cryptocurrency investors and observers agree that the COVID-19 crisis converted many doubters into becoming believers of bitcoin as a safe investment.

 

Bitcoin Showed Resilience During the Financial Market Frenzy

Despite being affected by the massive stock market sell-offs at the start of the COVID-19 lockdown in March 2020, bitcoin was able to recover in a matter of weeks. The effect of the March sell-off resulted to the price of bitcoin descending to $3,600. A number of miners stopped mining operations to prevent the cryptocurrency from degrading any further.

Bitcoin proved the most resilient in all digital investment assets, because in a few weeks time, many started turning their attention to bitcoin as a “safer haven” than gold and other precious metals. Gold and other mined investment assets fell short of proving its strength during the pandemic. Mainly because deals were unable to push through when mining operations had been hobbled by coronavirus lockdowns and travel bans.

Unlike Bitcoin that went into three (3) stages of halving during the ongoing pandemic, which as part of the cryptocurrency system, aim to reduce the supply of bitcoins floating in the market. Although halving reduced the block rewards of bitcoin miners, the approach ensures that the supply of bitcoin will not overflow in the cryptocurrency market. After all, increased supply if not met with a relative increase in demand, will only downgrade the value of bitcoin as an investment asset.

When compared to gold, supply is not the question; but the ability of mining companies to back them up with deals that can make gold truly valuable in the commodities market,

Bitcoin skeptics soon saw the logic of the system by which bitcoins operate, the digital coin had shown impressive recovery without the need to rely on external conditions as precursors for its re-emergence as a safe investment. To date, Bitcoin has made an impressive return with a 35% year-to-date yield.

Impressive Bitcoin Performance Does Not Denote Get-Rich Quick Schemes

Those new to cryptocurrency investments, should not rush into too-good-to-be-true bitcoin deals and speculations. Have awareness that scammers are on the sidelines, waiting for opportunities to lure not-so-savvy investors, and those looking to make huge profits in a jiffy.

Remember, bitcoins were originally conceptualized as a faster and less costly financial system. The main idea is to provide a platform in which peer-to-peer fund transfers and payments of goods and services can be transacted without having to use the traditional banking system. Investing in bitcoins and other cryptocurrencies is only secondary, albeit eventually becoming an obsession to many cryptocurrency owners.

Nonetheless, those venturing into cryptocurrency trading must do so by making a careful selection of the trading platform to use when buying and selling speculatively. One such platform that comes highly recommended is the IQ Options online trading platform. Still, readers don’t have to just take our words of recommendation, but should make their own assessment.

The IQ Option website at https://ipoption.com contains comprehensive information not only about their trading platform and what they offer as options for investment assets trading.

As a licensed broker, IQ Option also furnishes tools and guides that can help speculators and seasoned traders analyze different conditions. The platform generates charts and markers that will enable them to track and analyze asset prices before they decide to venture into full real-money trading.