Nexus Mutual's new custody cover service “will protect users who put funds into an organisation which is responsible for the safekeeping of private keys to cryptocurrency assets on behalf of their users.”
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Decentralized insurance firm Bridge Mutual wants to cover your stablecoins
The company aims to provide insured access to decentralized finance interest-yielding applications
Bridge Mutual aims to provide coverage for the risks involved in holding stablecoins, which now have a total market cap of over $20 billion and are growing fast. While many in the cryptocurrency space believe this kind of asset is mostly devoid of risk, stablecoins can lose their value if they stop being accepted, sometimes can be hacked, and often require a company to be trusted to hold assets to back them.
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Algorand: Insurers investigate, blockchain corroborates
Attestiv believes its AI-driven media validation technology can help insurers detect false claims that cost them $40 billion a year.
Algorand and Attestiv believe they can use blockchain technology to help insurance companies detect when claims are accompanied by difficult-to-detect deepfake photos and videos.
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Flaming car wrecks may be a metaphor to describe cryptocurrencies but auto insurance claims may soon be powered by blockchain technology (via Pixabay).As industry contemplates DLT, State Farm test drives blockchain technology for auto insurance
Streamlining complex policies and processes, as well as fraud prevention, are also prime insurance uses
On Dec. 10, insurance giant State Farm announced that it is testing a blockchain-based solution to improve the speed and accuracy with which auto insurance claims are settled. In testing the solution, the largest provider of auto insurance in the United States is following up on several years of study and interest by the insurance industry in ways the distributed ledger technology underlying blockchain and cryptocurrencies can benefit various lines of coverage offered by the multi-trillion-dollar industry. Specifically, State Farm is looking into blockchain’s use in subrogation, the process by which the at-fault insurer compensates the injured party’s insurer for costs paid to settle a damages claim. “Today, subrogation is…
