Blockchain-based insurance platform launched in Thailand

February 2 2017 by InsuranceAsia News Staff

A decentralised blockchain-based insurance platform called YoCoin Insurance was launched recently in Thailand by the creators of peer-to-peer YoCoin digital currency.

An insurance platform, YoCoin features blockchain-based storage of financial transactions, forecasting and smart contract-based insurance policies.

It also supports policy types, such as life and health cover, and can be used to issue insurance policies and bonds.

It enables policyholders and bond investors to share the associated investment risks. Furthermore, an investor can sign up and choose from desired bond categories and packages with different cover terms.

As part of the process, all insurance events are monitored, and corresponding data fed into the smart contract by an oracle.

Each smart contract will have one or more oracles associated with it.

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