{"version":"https://jsonfeed.org/version/1.1","title":"Stephen Ajulu","home_page_url":"https://ajulu.netlify.app/","feed_url":"https://ajulu.netlify.app/tags/dein/feed.json","description":"Hello, I'm Stephen Ajulu, a seasoned multidisciplinary tech professional with over a decade of experience. I build impactful solutions using design, tech, and engineering in the pursuit of impact.","icon":"https://ajulu.netlify.app/images/me.jpg","authors":[{"name":"Stephen Ajulu","url":"https://stephenajulu.com","avatar":"https://ajulu.netlify.app/images/me.jpg"}],"items":[{"id":"https://ajulu.netlify.app/posts/an-introduction-in-blockchain-cryptocurrencies-tokens-smart-contracts-nfts-web3-defi-gamefi-and-dein-crash-course/","url":"https://ajulu.netlify.app/posts/an-introduction-in-blockchain-cryptocurrencies-tokens-smart-contracts-nfts-web3-defi-gamefi-and-dein-crash-course/","title":"An Introduction in Blockchain, Cryptocurrencies, Tokens, Smart Contracts","summary":"Hello there, today I\u0026rsquo;ll be covering definitions:\nWhat is blockchain? A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.\n","content_html":"\u003cp\u003eHello there, today I\u0026rsquo;ll be covering definitions:\u003c/p\u003e\n\u003ch2 id=\"what-is-blockchain\"\u003eWhat is blockchain?\u003c/h2\u003e\n\u003cp\u003eA \u003cstrong\u003eblockchain\u003c/strong\u003e is a growing list of records, called \u003cem\u003eblocks\u003c/em\u003e, that are linked together using \u003ca href=\"https://en.wikipedia.org/wiki/Cryptography\" title=\"Cryptography\"\u003ecryptography\u003c/a\u003e. Each block contains a \u003ca href=\"https://en.wikipedia.org/wiki/Cryptographic_hash_function\" title=\"Cryptographic hash function\"\u003ecryptographic hash\u003c/a\u003e of the previous block, a \u003ca href=\"https://en.wikipedia.org/wiki/Trusted_timestamping\" title=\"Trusted timestamping\"\u003etimestamp\u003c/a\u003e, and transaction data (generally represented as a \u003ca href=\"https://en.wikipedia.org/wiki/Merkle_tree\" title=\"Merkle tree\"\u003eMerkle tree\u003c/a\u003e). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/what-is-blockchain-how-does-it-work-blockchain-explained/\"\u003e\u003cstrong\u003eLearn more\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-a-cryptocurrency\"\u003eWhat is a cryptocurrency?\u003c/h2\u003e\n\u003cp\u003eA \u003cstrong\u003ecryptocurrency\u003c/strong\u003e is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don’t have a central issuing or regulating authority, instead, they use a decentralized system to record transactions and issue new units.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/how-to-buy-your-first-cryptocurrency/\"\u003e\u003cstrong\u003eHere is how you can buy your first cryptocurrency\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-are-crypto-tokens\"\u003eWhat Are Crypto Tokens?\u003c/h2\u003e\n\u003cp\u003eThe term token refers to a special virtual currency token or how cryptocurrencies are denominated. These tokens represent fungible and tradable assets or utilities that reside on their own \u003ca href=\"https://stephenajulu.com/blog/what-is-blockchain-how-does-it-work-blockchain-explained/\"\u003eblockchains\u003c/a\u003e. Crypto tokens are often used to fundraise for crowd sales, but they can also serve as a substitute for other things. These tokens are usually created, distributed, sold, and circulated through the standard \u003ca href=\"https://www.investopedia.com/terms/i/initial-coin-offering-ico.asp\"\u003einitial coin offering (ICO)\u003c/a\u003e process, which involves a crowdfunding exercise to fund project development.\u003c/p\u003e\n\u003ch2 id=\"what-is-a-smart-contract\"\u003eWhat is a smart contract?\u003c/h2\u003e\n\u003cp\u003eA \u003cstrong\u003esmart contract\u003c/strong\u003e is a \u003ca href=\"https://en.wikipedia.org/wiki/Computer_program\" title=\"Computer program\"\u003ecomputer program\u003c/a\u003e or a \u003ca href=\"https://en.wikipedia.org/wiki/Transaction_Protocol_Data_Unit\" title=\"Transaction Protocol Data Unit\"\u003etransaction protocol\u003c/a\u003e that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a \u003ca href=\"https://en.wikipedia.org/wiki/Contract\" title=\"Contract\"\u003econtract\u003c/a\u003e or an agreement. The objectives of smart contracts are the reduction of the need for trusted intermediates, arbitrations, and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/what-are-smart-contracts-smart-contracts-explained/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-an-nft\"\u003eWhat is an NFT?\u003c/h2\u003e\n\u003cp\u003eA \u003cstrong\u003enon-fungible token\u003c/strong\u003e (\u003cstrong\u003eNFT\u003c/strong\u003e) is a unique and non-interchangeable unit of data stored on a digital \u003ca href=\"https://en.wikipedia.org/wiki/Ledger\" title=\"Ledger\"\u003eledger\u003c/a\u003e (\u003ca href=\"https://en.wikipedia.org/wiki/Blockchain\" title=\"Blockchain\"\u003eblockchain\u003c/a\u003e). NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public \u003ca href=\"https://en.wikipedia.org/wiki/Certificate_of_authenticity\" title=\"Certificate of authenticity\"\u003ecertificate of authenticity\u003c/a\u003e or \u003ca href=\"https://en.wikipedia.org/wiki/Title_(property)\" title=\"Title (property)\"\u003eproof of ownership\u003c/a\u003e, but it does not restrict the sharing or copying of the underlying digital file. The lack of interchangeability (\u003ca href=\"https://en.wikipedia.org/wiki/Fungibility\" title=\"Fungibility\"\u003efungibility\u003c/a\u003e) distinguishes NFTs from blockchain \u003ca href=\"https://en.wikipedia.org/wiki/Cryptocurrencies\" title=\"Cryptocurrencies\"\u003ecryptocurrencies\u003c/a\u003e, such as \u003ca href=\"https://en.wikipedia.org/wiki/Bitcoin\" title=\"Bitcoin\"\u003eBitcoin\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/what-are-nfts-non-fungible-tokens-explained/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-web-3\"\u003eWhat is Web 3?\u003c/h2\u003e\n\u003cp\u003e\u003cstrong\u003eWeb3,\u003c/strong\u003e also known as \u003cstrong\u003eWeb 3.0\u003c/strong\u003e, is an idea for a new iteration of the \u003ca href=\"https://en.wikipedia.org/wiki/Internet\" title=\"Internet\"\u003eInternet\u003c/a\u003e that is based on public \u003ca href=\"https://en.wikipedia.org/wiki/Blockchain\" title=\"Blockchain\"\u003eblockchains\u003c/a\u003e. The term was coined in 2014 by \u003ca href=\"https://en.wikipedia.org/wiki/Ethereum\" title=\"Ethereum\"\u003eEthereum\u003c/a\u003e co-founder \u003ca href=\"https://en.wikipedia.org/wiki/Gavin_Wood\" title=\"Gavin Wood\"\u003eGavin Wood\u003c/a\u003e, and the idea gained interest in 2020 and 2021 from \u003ca href=\"https://en.wikipedia.org/wiki/Cryptocurrency\" title=\"Cryptocurrency\"\u003ecryptocurrency\u003c/a\u003e enthusiasts, large technology companies, and venture capitalist firms.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/web-3.0-explained-part-1/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-defi\"\u003eWhat is DeFi?\u003c/h2\u003e\n\u003cp\u003e\u003cstrong\u003eDecentralized finance\u003c/strong\u003e (commonly referred to as \u003cstrong\u003eDeFi\u003c/strong\u003e) is a \u003ca href=\"https://en.wikipedia.org/wiki/Blockchain\" title=\"Blockchain\"\u003eblockchain\u003c/a\u003e-based form of finance that does not rely on central financial \u003ca href=\"https://en.wikipedia.org/wiki/Intermediary\" title=\"Intermediary\"\u003eintermediaries\u003c/a\u003e such as \u003ca href=\"https://en.wikipedia.org/wiki/Brokerage\" title=\"Brokerage\"\u003ebrokerages\u003c/a\u003e, \u003ca href=\"https://en.wikipedia.org/wiki/Exchange_(organized_market)\" title=\"Exchange (organized market)\"\u003eexchanges\u003c/a\u003e, or \u003ca href=\"https://en.wikipedia.org/wiki/Bank\" title=\"Bank\"\u003ebanks\u003c/a\u003e to offer traditional \u003ca href=\"https://en.wikipedia.org/wiki/Financial_instrument\" title=\"Financial instrument\"\u003efinancial instruments\u003c/a\u003e, and instead utilizes \u003ca href=\"https://en.wikipedia.org/wiki/Smart_contract\" title=\"Smart contract\"\u003esmart contracts\u003c/a\u003e on blockchains, the most common being \u003ca href=\"https://en.wikipedia.org/wiki/Ethereum\" title=\"Ethereum\"\u003eEthereum\u003c/a\u003e.[\u003ca href=\"https://en.wikipedia.org/wiki/Wikipedia:Citation_needed\" title=\"Wikipedia:Citation needed\"\u003e\u003cem\u003ecitation needed\u003c/em\u003e\u003c/a\u003e] DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade \u003ca href=\"https://en.wikipedia.org/wiki/Cryptocurrencies\" title=\"Cryptocurrencies\"\u003ecryptocurrencies\u003c/a\u003e, insure against risks, and earn \u003ca href=\"https://en.wikipedia.org/wiki/Interest\" title=\"Interest\"\u003einterest\u003c/a\u003e in savings-like accounts. DeFi uses a layered architecture and highly composable building blocks.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/decentralized-finance-defined/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-gamefi\"\u003eWhat is GameFi?\u003c/h2\u003e\n\u003cp\u003e\u003cstrong\u003eGameFi\u003c/strong\u003e also known as Game Finance, is the gamification of financial systems to create profit from playing play-to-earn crypto games.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/gamers-assemble-play-games-to-earn-free-crypto/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"what-is-dein\"\u003eWhat is DeIn?\u003c/h2\u003e\n\u003cp\u003eDecentralized Insurance also known as DeIn or DeFi Insurance is where rather than purchasing insurance coverage from one specific individual or company, you can purchase coverage from a decentralized pool of insurance providers. Interestingly, any individual or company can work as an insurance provider by locking up capital in the decentralized capital pool. The individual or company providing capital to the pool can qualify as a \u003ca href=\"https://101blockchains.com/how-liquidity-provider-tokens-work/\"\u003eliquidity provider\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://stephenajulu.com/blog/decentralized-insurance-built-on-the-blockchain-is-a-game-changer/\"\u003e\u003cstrong\u003eLearn more.\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003ch3 id=\"conclusion\"\u003eConclusion\u003c/h3\u003e\n\u003cp\u003eI am a follower of the above simply because of how much disruption of traditional methods blockchain can create. In one way or the other blockchain technology is the future of processing. Currently, as of writing this post, there are Decentralized Supply Chain Management, Decentralized Full Proof Voting, Decentralized Real Estate, Decentralized Data Protection, and Decentralized Loyalty + Royalty Programs.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eLearn more here:\u003c/strong\u003e \u003ca href=\"https://stephenajulu.com/blog/the-importance-and-benefits-of-blockchain-technology/\"\u003e\u003cstrong\u003eThe Importance and Benefits of Blockchain Technology\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eBlockchain \u003cstrong\u003eincreases trust, security, transparency, and the traceability of data shared across a business network\u003c/strong\u003e — and delivers cost savings with new efficiencies. Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.\u003c/p\u003e\n","date_published":"2022-08-21T18:20:00+03:00","image":"https://ajulu.netlify.app/images/1644357966865.png","tags":["blockchain","cryptocurrency","token","smart contract","non fungible token","web3","decentralized finance","game finance","decentralized insuarance","crypto","nft","defi","gamefi","dein","cryptocurrencies","tokens","tokenomics"]},{"id":"https://ajulu.netlify.app/posts/decentralized-insurance-built-on-the-blockchain-is-a-game-changer/","url":"https://ajulu.netlify.app/posts/decentralized-insurance-built-on-the-blockchain-is-a-game-changer/","title":"Decentralized Insurance Built on the Blockchain is a Game Changer","summary":"Let’s face it – crypto, Web3, blockchain, whatever you want to call it – is growing fast. As a result, there are concerns and skepticism around the volatility and safety of digital assets, including investor funds. Would you put your hard earned money into anything without some sense of safety and security?\nIf we are going, to be honest with each other, and we certainly should be, it is absolutely logical that companies are skeptical to put big money into a decentralized system.\n","content_html":"\u003cp\u003eLet’s face it – \u003ca href=\"https://stephenajulu.com/blog/6-use-cases-for-cryptocurrency/\"\u003ecrypto\u003c/a\u003e, \u003ca href=\"https://stephenajulu.com/blog/web-3.0-explained-part-1/\"\u003eWeb3\u003c/a\u003e, \u003ca href=\"https://stephenajulu.com/blog/what-is-blockchain-how-does-it-work-blockchain-explained/\"\u003eblockchain\u003c/a\u003e, whatever you want to call it – is growing fast. As a result, there are concerns and skepticism around the \u003cstrong\u003evolatility\u003c/strong\u003e and safety of digital assets, including investor funds. Would you put your hard earned money into \u003cem\u003eanything\u003c/em\u003e without some sense of safety and \u003cstrong\u003esecurity\u003c/strong\u003e?\u003c/p\u003e\n\u003cp\u003eIf we are going, to be honest with each other, and we certainly should be, it is absolutely logical that companies are skeptical to put big money into a decentralized system.\u003c/p\u003e\n\u003cp\u003eIn both the fast-evolving \u003ca href=\"https://stephenajulu.com/blog/applications-and-use-cases-of-decentralized-finance-defi/\"\u003eDeFi\u003c/a\u003e space and the “Normalverse,” there is always the risk of hacks or exploits. Enter: decentralized insurance.\u003c/p\u003e\n\u003cp\u003e“There have been innumerable cases of smart-contracts hacking, cyber-attacks on exchange platforms, etc. that have caused huge loss of investor funds,” Blockchain Simplified states \u003ca href=\"https://medium.com/@blockchain_simplified/decentralized-insurance-an-emerging-sector-in-defi-79bd84502cab\"\u003eon Medium\u003c/a\u003e. “Even the magnanimous \u003ca href=\"https://stephenajulu.com/blog/what-are-daos-decentralized-autonomous-organizations-explained/\"\u003eDAO\u003c/a\u003e could not prevent a malware attack on its platform that resulted in the loss of billions. Decentralized Insurance has plenty of use-cases that can help prevent such consequences from occurring.”\u003c/p\u003e\n\u003ch2 id=\"defi-insurance\"\u003e\u003ca href=\"https://stephenajulu.com/blog/more-applications-of-decentralized-finance-defi/\"\u003eDeFi\u003c/a\u003e Insurance\u003c/h2\u003e\n\u003cp\u003eWe can work together to build these preventative use cases. Let’s rethink the traditional insurance cycle for the DeFi world:\u003c/p\u003e\n\u003cp\u003eWhen a policyholder buys decentralized digital asset coverage, they are willingly participating in the protection of their participation on the blockchain. The purchase of insurance comes from a “pool of money” that has been subsidized by what is traditionally known as insurance providers.\u003c/p\u003e\n\u003cp\u003eIn DeFi language, these “insurance providers” are more appropriately liquidity providers (LP), or Insurance Liquidity Providers. These LPs can be any company or individual who locks their capital into a decentralized risk pool with other similar providers. Coverage can range from digital asset and smart contract risk cover to protecting \u003ca href=\"https://stephenajulu.com/blog/what-are-nfts-non-fungible-tokens-explained/\"\u003eNFTs\u003c/a\u003e, \u003ca href=\"https://stephenajulu.com/blog/what-are-daos-decentralized-autonomous-organizations-explained/\"\u003eDAO\u003c/a\u003e governance, and \u003ca href=\"https://stephenajulu.com/blog/best-cryptocurrency-wallets-2022/\"\u003ewallets\u003c/a\u003e—and as far and wide as you can imagine.\u003c/p\u003e\n\u003cp\u003eNow, let’s go one step beyond that. This policyholder has purchased coverage for their participation in another DeFi project. They’ve decided to participate in ABC Project by providing collateral, but have purchased insurance coverage in the event there is a hack or vulnerability with ABC’s \u003ca href=\"https://stephenajulu.com/blog/what-are-smart-contracts-smart-contracts-explained/\"\u003esmart contracts\u003c/a\u003e. Not only have they protected their “stake” in that risk, but they have effectively removed that risk from the ABC Project.\u003c/p\u003e\n\u003cp\u003eWhat does this mean? It means a risk pool built on community allows the users, project, and LPs to all work toward a common call of safety and security. ABC Project can subsidize the premiums or risk pool to incentivize users to buy insurance. By doing so, the users can purchase cost-effective insurance coverage. This means LPs have a steady stream of premiums. Ultimately, the overall risk of ABC has been diversified – and the entire process is more efficient.\u003c/p\u003e\n\u003ch2 id=\"decentralized-insurance-efficiency\"\u003eDecentralized Insurance: Efficiency\u003c/h2\u003e\n\u003cp\u003eThe efficiency comes from the community approach that decentralized insurance allows for. In the Normalverse, if a business causes you harm, you typically seek damages from its insurance policy.\u003c/p\u003e\n\u003cp\u003eThat means you wait for them to respond, wait for the insurance company to investigate, negotiate with the insurance company, and in some cases the flow of claims payments comes through that business. This causes just a bit of heartburn for the aggrieved party. What we don’t often think about is the heartburn it causes the business as well.\u003c/p\u003e\n\u003cp\u003eConsider a ridiculously optimistic statement that “most businesses value their customers.” Or, if you are a bit more pessimistic: businesses realize that to drive profit, they need to keep their customers happy.\u003c/p\u003e\n\u003cp\u003eIn the claim scenario outlined above, the pressure to push the insurance company to respond quickly is on the business. The pressure to communicate with their customers takes up hours and hours of time. The loss of income and reputation in the meantime can be unrepairable. All of this feeds a disincentive loop where claimants often fight with businesses who fight with insurance companies who fight with the claimants who fight with … you get it.\u003c/p\u003e\n\u003ch2 id=\"incentive-loop\"\u003eIncentive Loop\u003c/h2\u003e\n\u003cp\u003eA decentralized insurance model, instead, feeds an incentive loop. The business can remove the friction and time spent during claims by working \u003cem\u003ewith\u003c/em\u003e their users (a novel concept) to ensure that claims flow directly to them without the intermediary. This frees up the business’s time for PR and creates a smooth “disaster plan.” On top of that, it transfers much of the risk off their plate. See? An actual incentive loop.\u003c/p\u003e\n\u003cp\u003eThis isn’t the only reason a decentralized community is beneficial for decentralized insurance. The traditional insurance industry is worth more than $5 trillion and often puts profit over people, or at the very least, it has the perception of putting profits over people.\u003c/p\u003e\n\u003cp\u003eBuilding the insurance system on-chain means you are working with like-minded individuals. Incentive loop! Traditional, \u003ca href=\"https://stephenajulu.com/blog/defi-vs-traditional-finance/\"\u003ecentralized\u003c/a\u003e insurers often have efficiency issues stemming from multiple supervisor sign-offs, long processes, etc., that can create delays of days or weeks to process payments and claims.\u003c/p\u003e\n\u003cp\u003eDays and weeks could mean a dramatic change in the value of your digital asset. Time and efficiency are critical. I’ll leave out the static values of traditional insurance policies, predator claims practices, and opaque propaganda for another time.\u003c/p\u003e\n\u003ch2 id=\"decentralized-insurance-advantages\"\u003eDecentralized Insurance Advantages\u003c/h2\u003e\n\u003cp\u003e\u003ca href=\"https://journals.sagepub.com/doi/full/10.1177/21582440221079877\"\u003eResearch\u003c/a\u003e published in SAGE Open talks about the advantages of blockchain-based insurance: “The insurance sector can benefit from the adoption of blockchain technology where the operations span across multiple countries and has many actors including the end user,” the authors wrote.\u003c/p\u003e\n\u003cp\u003e“The insurance industry can be connected via a decentralized network wherein the transactions are recorded across distributed ledgers. The trust for transactions can be provided by the blockchain members through consensus, thereby eliminating the need for third parties. Contracts and Insurance policies can be recorded electronically as smart contracts with a set of rules for the terms, conditions, duration of the policy, etc.”\u003c/p\u003e\n\u003cp\u003eTheoretically, decentralized insurance providers such as \u003ca href=\"https://insurenimble.com/\"\u003eNimble on the Algorand network\u003c/a\u003e allow for less bias from claims assessors, underwriters, and actuaries, a more efficient business process, and less of a disincentive loop; all while creating cost-effective and profitable risk models.\u003c/p\u003e\n\u003cp\u003eA decentralized approach to digital asset insurance is about community. Everyone benefits from the actions of others in the community, everyone has a transparent view of the system and process, and everyone works toward profitability because everyone gets a piece of the insurance profit pie.\u003c/p\u003e\n\u003ch2 id=\"moving-forward\"\u003eMoving Forward\u003c/h2\u003e\n\u003cp\u003eOf course, there is risk in the decentralized insurance world. We can’t bubble-wrap ourselves in snappy plastic blockchain protection and ship ourselves off into the metaverse without risk. That isn’t feasible and isn’t how life works.\u003c/p\u003e\n\u003cp\u003eIt’s important that there are enough policyholders buying coverage, enough capital provided by LPs, and enough education to help the community understand how they are working together.\u003c/p\u003e\n\u003cp\u003eWe also need to work with incumbent insurance companies to help them understand that building decentralized insurance processes doesn’t mean a bankrupt insurance industry, but instead a new way forward where all members of the process receive fair and equitable treatment.\u003c/p\u003e\n\u003cp\u003eYou can guess what I’m about to say: “Incentive Loop.”\u003c/p\u003e\n\u003cp\u003eThe reality is that even in a utopian traditional insurance world where insurance companies are empathetic to the needs of their customers, everything goes as planned, and birds are singing throughout the process – legacy technologies in the insurance industry will not work efficiently as we move forward.\u003c/p\u003e\n\u003cp\u003eA decentralized insurance system with traditional insurance risk models, projections, and underwriting data \u003cem\u003ebuilt on\u003c/em\u003e a transparent, blazingly fast, and efficient blockchain with the community in mind – well, that’s a game changer.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eSource:\u003c/em\u003e\u003c/strong\u003e \u003ca href=\"https://beincrypto.com/decentralized-insurance-built-blockchain-game-changer/\"\u003e\u003cstrong\u003e\u003cem\u003eBeinCrypto\u003c/em\u003e\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e\n","date_published":"2022-08-21T18:15:00+03:00","image":"https://ajulu.netlify.app/images/blockchain-interoperability-water-850x478-jpeg-optimal.jpeg","tags":["dein","decentralized insurance","insurance","blockchain","tech"]}]}