The future of insurance is blockchain

Let's figure out how blockchain technology can benefit insurance policyholders and buyers
08 November 2017   4570

Blockchain was mentioned firstly in 2008 when a anonymous developer named Satoshi Nakamoto published a whitepaper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ in which he described in detail how financial transactions can be conducted using an online peer-to-peer network without the need for financial middleman. In January 2009, the idea set out in the whitepaper became a reality, the blockchain was born and the first bitcoin transaction was conducted.

The blockchain is a distributed digital ledger that records data in a list of blocks that are linked and secured through the use of cryptography. Due to the decentralized nature of the blockchain network and its use of advanced cryptography, data that is recorded, stored and transferred on the blockchain cannot be tampered with, destroyed or reversed. This makes the bitcoin network one of the most secure financial payment networks in the world.

Another advantage of blockchain is its open-source nature. It allows to modify it easily in order to use blockchain in much wider range of use cases, beyond financial transactions.

Blockchain technology can be used to

  • create immutable digital identities,
  • securely store sensitive business data,
  • record proof of asset ownership,
  • store healthcare records,
  • to digitize documents,
  • and much more.

Nowadays, blockchain is widely used in these industries:

  • banking,
  • trade finance,
  • cybersecurity,
  • cloud computing,
  • real estate,
  • healthcare, 
  • charitable giving sector.

One area that is yet to experience blockchain disruption, however, is the life insurance sector.

This is what fidentiaX is going to change.

Tradable Life Insurance Policies and the Blockchain

fidentiaX is a Singapore-based fintech startup that aims to use blockchain technology to change the life insurance sector by building the world’s first marketplace for tradable life insurance policies.

What is tradable life insurance policies? They are insurance policies that can be sold to third-party buyers and can include endowment, whole life, universal life, and investment-linked, among others.

It is worth noting that most life insurance policyholders are not aware that their policies may be sold onto third-party buyers in the tradable insurance policy market. In the case that a life insurance policyholder no longer requires his or her policy, they would normally surrender their policy back to the insurer they bought it from in exchange for the policy’s cash value.

Currently, the market for tradable life insurance policies is complex, difficult to access and involves several intermediates. Through the implementation of blockchain technology in this space, however, all that can be changed.

fidentiaX aims to build a marketplace that uses the blockchain to tokenize life insurance policies so that they can become easily tradable financial products that anyone can buy to hold in their investment portfolio. The tokenization process will involve thorough due diligence on all life insurance policy documents before digitizing them and recording them onto the marketplace’s distributed ledger. This will also allow policyholders to have an immutable record of their policies, receive premium payment alerts, and have easy access to their coverage summary. A multi-signature access to the policy for beneficiaries and trustees will also be available on the platform in the case of a mortality event of the policyholder.   

Additionally, building a blockchain marketplace will allow buyers and sellers to transact in a transparent, secure and trustless manner as all actions are recorded on the blockchain for all involved permitted participants to view and audit. Blockchain also alleviates the need for intermediaries, which particularly play a role when to comes to mortality events and the subsequent processing of a life insurance payout.

Also, in a blockchain-based marketplace, payouts as well as premium payments can be conducted directly between the involved parties at a lower cost and at a much higher speed than with the current status quo of the industry.

Insurance policyholders can benefit greatly from fidentiaX’s blockchain-based insurance policy platform due to the fact that it makes the process of managing one’s insurance policy much easier and, above all, provides a liquid alternative to surrendering one’s policy in case it is no longer needed.

Insurance policy buyers, on the other hand, also play a big role in this new blockchain-powered approach to the tradable insurance policy market. For buyers, it has so far been difficult to access a market that provides stable diversified returns with low correlation to traditional asset classes. The current tradable insurance market is paper document-heavy, creates a challenge in sourcing tradable policies, is highly illiquid, and suffers from not having an easy-to-access marketplace where all market participants can come together.

This is why fidentiaX will be very welcomed among those who are looking to diversify their portfolios with tradable life insurance policies. By building the world’s first tradable life insurance policy market on top of blockchain technology, buyers gain access to a listing of tradable policies and can easily find other buyers and sellers willing to transact with them. Furthermore, through the transparent and immutable aspect of the platform’s underlying technology, trading can be conducted in a secure, trustless and easily auditable environment.

fidentiaX and the Nxt Blockchain

fidentiaX has decided to build its platform as a heavily customized version of the Nxt blockchain in partnership with blockchain development company Blockchain Zoo.

The Nxt blockchain is an open source distributed ledger platform that has been built on the functionalities of early pioneering cryptocurrencies. The Nxt network has a wide range of core features such as:  

  • decentralized asset exchange,
  • voting system,
  • marketplace,
  • native digital currency.

However, applications of the Nxt blockchain go beyond these functionalities and include secure messaging, account control, data storage in the cloud, monetary systems, and more.

Many of these functionalities will be adopted by the fidentiaX blockchain platform to provide a wide-reaching marketplace that caters to all participants of the tradable life insurance policies market.

Learn more

If you are intersted, you can learn more at

  • Official website
  • Tokensale
  • Telegram group

San Francisco Gathers Crypto Community in One Place

CB - Cryptocurrency Blockhain Conference will be held on March 22-23, 2018 at San Fracisco Marriott Marquis, 780 Mission Street
22 March 2018   26

On March 22-23, 2018 at San Francisco, people from all over the world will come together to put on a top-tier event bringing blockchain experts and business leaders in one place. Representatives from businesses and organizations such as SEC, Oracle, 500 Startups, Cryptereum, Ambisafe, Changelly, Blockchain Application Builder among others will be in attendance alongside venture capital groups, crypto funds, investors from the digital currency community and an audience of over 3000 attendees who are somehow connected with the blockchain space.

CB Conference
CB Conference

CB is a series of premium Blockchain events that connect ICO companies with the brightest industry minds and the latest in technological innovation. CB is the place where the future of Blockchain Industry is unboxed and brought to life. And when you consider this study by U.K. research firm Juniper Research, more than half of the world’s large corporations are looking into blockchain (distributed ledger technology), then it’s a high time you consider the blockchain technology. The research highlights that 57 percent of large corporations- defined as any company with more than 20,000 employees- were either actively considering or in the process of deploying blockchain. And two-thirds of companies surveyed said that they expected the technology to be integrated into their systems by the end of 2018.

It is clear that companies across the board have a significantly greater understanding of blockchain technology than was the case 12 months ago. This stems in part from a surge in R&D (research and development) both internally and in partnership with third parties, with a recognition that blockchain has the potential to be deployed in a variety of use cases.
As the number of research projects has increased, so too has awareness, both amongst the participants and elsewhere in their industries, with competitor companies in turn beginning to consider whether they too should seek to gain competitive advantage from deployment.

Juniper Research Study

But here is another opportunity to interact with and learn from the best in the industry, you can’t afford to miss the CB – Blockchain Conference in Silicon Valley. Here are some of the benefits you stand to gain:

  • As an Entrepreneur, you will be able to:
    • On-board anchor investors and top-notch advisers.
    • Give interviews to the top bloggers and journalists.
    • Find partners and high-quality contractors.
  • As an Investor, you will be able to:
    • Meet founders and get in depth insights for investments.
    • Find LPs and grow the funds under management.
    • Exchange market view and investment ideas with peers.
  • As a Journalist or Blogger, you will be able to:
    • Get first-hand access to decision makers and trendsetters.
    • Be the first to learn resonating insights.
    • Find partners to grow your audience.

Headline speakers include:

  1. Nadia Brannon, Office of Compliance Inspections and Examinations at U.S. Securities and Exchange Commission.
  2. Anant Kadiyala, Director – Blockchain&IoT Industry Solutions, ORACLE.
  3. Edith Yeung, One of the top Silicon Valley investors (Inc Magazine), partner at 500 Start-ups. Investor in over 40 start-ups (Hooked, DayDayCook, Fleksy (acquired by Pinterest), Human (acquired by Mapbox), AlSense, Penrose, Cryworks, Sllk Labs, Piper, Apptopia, Mobile Action, Andy OS, Quickly, Powercore, Pack, Ingrain, Switch, Bento, Palantir, etc.). Advisor to Dolphin Browser, Partner at RightVentures.
  4. Grant Fondo, former federal prosecutor, N.D. of California, a partner in Goodwin’s Securities Litigation + White Collar, Privacy + Cybersecurity.
  5. Konstantin Gladych, CEO, Changelly.
  6. Alex Kurashenko, Small Cap Nation, Investment Relations.
  7. Patrick Baron, CEO, Ambisafe Financial.
  8. Amir Rafizadeh, Managing Director of Client Relations and Member of Advisory Board; Kruse Asset management, LLC.
  9. Rafael Soultanov on ICO pre marketing and post ICO token growth
  10. VP at Crypterium
Mariott in San Francisco
Mariott in San Francisco - place of conference
Mariott in San Francisco
Mariott in San Francisco - place of conference
Mariott in San Francisco - place of conference
Mariott in San Francisco - place of conference

The CB – Blockchain Conference will feature the following headline talks:

  1. CRYPTO BIG PICTURE- This will feature the following topics:
  • Transforming the economy & society
  • Supercharging peer-to-peer commerce
  • New governance & decentralized autonomous orgs (DAOs)
  • Virtual globalization
  • Enhancing social impact
  • Expanding freedom in vice industries
  • Outlook for 2018 and the Future
  1. INVESTOR’S TRACK- This will feature the following topics:
  • Crypto macroeconomics
  • ICOs & Disruption of Venture Capital
  • Tokenomics& Utility
  • Bitcoin – Digital Gold
  • App tokens vs Protocol tokens
  • Crypto investments
  1. FOUNDER’S TRACK- This will feature the following:
  • 50+ companies: Token Pitch Competition
  • Token Sale – How-to
  • Building a Blockchain Community
  • Token Sale Legal Panel
  • Exchange panel – How to get listed
  • Crypto media influencers
  • Token economy
  1. APPLICATIONS COVERED- This will feature the following:
  • Cross-border payments
  • Tokenization & Securitization of assets
  • Non-Financial Applications
  • Payments, Ecommerce & Loyalty
  • Enterprise Blockchain
  • Social Media & Micropayments
  • Democratizing AI
  • Blockchain + AR
  1. DEVELOPERS TRACK- This will feature the following:
  • Smart Contract Development
  • Privacy and Identity
  • Consensus in Blockchain Systems
  • EthereumdApp Development
  • Security and Scalability
  • Blockchain Development Tools
  • Blockchain architecture lightning talks

The conference will also include a special event and this will feature the following:

  • Napa Valley Wine Tour
  • Award ceremony for ICO Start-ups Pitch Competition
  • San Francisco Bay Tours – boat cruises around the bay
  • Power networking with blockchain experts and investors
  • After-Party
  • VIP Lounge

Registration for the CB – Blockchain Conference is still open, though the tickets are selling out faster than the organisers had earlier anticipated. You can find more information here.

Press contact:

Rafael Soultanov,