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Mardi 21 Septembre 2021

Etherisc and Mittweida University of Applied Sciences Develop Novel Blockchain-based Decentralized Insurance Solution

An innovative system to leverage decentralized autonomous organizations, artificial intelligence, and machine learning, to provide disintermediated and sustainable risk protection.

Etherisc, the open-source, decentralized insurance protocol and ecosystem, together with the Blockchain Competence Center Mittweida (BCCM) at Mittweida University of Applied Sciences, today announces the launch of a joint project to develop a blockchain-based insurance prototype. This project aims to provide refined alternatives to traditional insurance policies by leveraging decentralized autonomous organizations (DAOs) in combination with artificial intelligence (AI) and machine learning (ML) to streamline and automate the process of insurance assessment and payment.

The Community Supported Insurance project aims to create a fair and sustainable model that can significantly reduce premiums and distribute profits regionally for charitable purposes. In addition, the use of blockchain technology will ensure transparency and fraud protection, while also providing a scalable solution that exists independent of national borders. End-customers seeking to avail of the solution can also participate in its development at the same time, helping to determine essential features as part of the community ethos of the project.

Commenting on the announcement, Christoph Mussenbrock, Co-founder, Protocol and Architecture at Etherisc: "We’re excited to be working with some of the brightest minds in the academic blockchain space. Traditional insurance models are characterized by cumbersome claims and payout processes, low levels of transparency, conflicts of interest, and low payout amounts. Through this enterprise and academic partnership, we seek to overcome these challenges through the development of an entirely new blockchain insurance platform. This harbours immense potential for consumers in the region and beyond to benefit from truly innovative insurance products and policies."

Etherisc and Mittweida University of Applied Sciences are collaborating on an initial proof-of-concept and pilot test, followed by the development of a final prototype for a fully-fledged decentralized insurance solution. The final prototype will incorporate technologies and frameworks such as DAOs, AI and machine learning and use these tools to reduce administrative costs, enable scalability for products, and provide transparency for consumers.

The use of a DAO enables direct customer participation in key product design and control decisions. At the same time, the project also includes an AI component to determine the risk of a claim occurring, aiding in better-designed policies and faster payout processes.

Professor Andreas Ittner, Head of BCCM at Mittweida University of Applied Sciences, commented: "Etherisc has an inspirational vision to make insurance fair and accessible through a decentralized open-source insurance protocol and we are excited to bring our expertise to bear in the development of a joint product. Together with Etherisc, we are exploring methods to incorporate the latest technological developments and harness the potential of blockchain technology to create meaningful insurance solutions for the benefit of all consumers."

*The project is funded by the German Federal Ministry of Education and Research under grant number 03WIR1316A.

About Etherisc
Etherisc’s goal is to make insurance fair and accessible through its open-source, decentralized insurance protocol to collectively build insurance products on the Ethereum blockchain. Its open-source common infrastructure, the Generic Insurance Framework (GIF), includes shared smart contracts, product templates, microservices and the native cryptographic token (DIP) to enable the seamless and efficient creation of decentralized insurance products, with increased transparency and fairness for all parties.
Since its launch in 2016 by a team of legal, financial, and mathematical visionaries, the Etherisc protocol has been reimagining insurance solutions to democratize the process in the interest of the consumer. Projects currently hosted on Etherisc’s open-source Generic Insurance Framework include Flight Delay Insurance, Crop Insurance, and Hurricane Protection.

About the Blockchain Competence Center Mittweida (BCCM)
The Blockchain Competence Center Mittweida (BCCM) is an institute of the Faculty of Applied Computer and Life Sciences at Mittweida University of Applied Sciences. It is a contact and development partner for institutions and companies in the financial and real economy as well as politics and government. In addition to the development of new learning modules and courses of study for the training of the necessary next generation of specialists, the main tasks of the center include research and transfer projects on application-related complexes of topics as well as the initiation of start-ups.

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