Learn how Blockchain is being used to redefine the insurance industry. Blockchain for Insurance using Ethereum & Hyperledger. A new alternative to risk sharing.

In olden times, people used to share risk among local communities. For example, merchants used to distribute their stocks across multiple ships instead of one ship to limit the loss due to any ship capsizing – thereby sharing risk within the community. But this model wasn’t scalable as merchants couldn’t trade beyond borders. To tackle scalability and availability, the world today has largely moved away from the community-based model to a commercialized one, where large companies dominate and intermediate the process. This model results in increased administrative, governance and frictional costs further hampered by lack of transparency. With Blockchain Technology, due to its transparency, immutability and resiliency, insurers can not only securely automate their processes but also distribute the risk of the pool fund in a mutual. Somish is the technology partner of Nexus Mutual – a peer-to-peer global earthquake insurance mutual built completely on the Public Ethereum Blockchain