ICO Global Risk Exchange- reconstructing traditional risk management system
If there is one thing that everyone goes through individually or collectively as a society, it is the inevitable Uncertainty that lies around risks. History and human history are shaped by the way we recognize and manage risks and invent tools to better manage and hedge risks.
The global derivative market size is 1500 trillion. The traditional model of licensed insurance business relies very much on intermediary channels. Also, the decision making mechanism is not able to manage with the ever changing market needs.
There are a lot of issues that revolve around personal identification and property information. Hence GRE has adopted to using smart contract of identification, and only those with private keys can authorize others to view their decrypted personal information.
GRE aims to build the blockchain infrastructure and trading platform for risk management industry in the blockchain driven world, by providing a public chain, and a fundamental protocol.
Blockchain technology leverages a sharable distributed ledger to store transaction data, issuing crypto-currency and implement intelligent contracts. Its main advantages are:
- Decentralized, transaction information written into the block cannot be tampered with, providing true and reliable information records.
- Smart contracts can be automatically executed without human intervention
- All Information is transparent and can be traceable Blockchain technology will undoubfully redefine insurance and financial derivatives market and become the underlying operating system for insurance and financial derivative markets in the era to come.
Traditional insurance industry has a very long value chain, it begins with insurant, insurance agents, direct insurance, reinsurance and ends with insurance link securities(ILS) investors. But if we stripe all those roles in the value chain away and the insurance or risk management industry's pure purpose is to match two group of people, one group of people seeks to shift risk away from them and are willing to pay premiums to those who could shouder those risk for them.
Those poeple are called "insurant ". The other group of people are willing to take risks that other shift to them in return collect premiums for compensation. Those people are called insurer and they provide capacity for risks. When certain risk happened, insurer has to compensate the insurant with pre-determined amount of money from its capacity; if certain risk did not happen, the insurer booked premiums as their profts.
Blockchain based GRE platform will transform the essence of risk management transactions into a trading market where risk sellers and risk takers can trasact directly using blockchain technology. It compresses the elongated chains of the traditional insurance industry while minimizing thresholds, providing maximum liquidity and most accurate pricing of risks.
GRE makes the wide storage of insurance possibilities providers, which differ from classic insurance firms which make the re-insurance and for which is necessary the centralization, strict control and capital intensity. The providers of new possibilities can ensure to the GRE system the high level of liquidity and large volume of data.
It is also possible to benefit when getting the risks to yourself and at the same moment making the risks exchange market more effective and liquidity by the decreasing of entering barrier as well for insures persons as insurers.
GRE is aimed to develop the block chain industry and commercial platform for managing risks industry based on the block chain system. It presents the public chain, basic protocol for the risk occasions development, the data collecting and reaching the logic final. It will allow to different persons and businesses all over the piece to reach the balance between risks and results of operations.
Each person is able publish in block chain the private demands in insurance and uses the smart agreements to select the insurance possibilities with the result in customize insurance of everybody. The private ID and the property data is in the reliable storage on block chain, and the property rights for the confidence data is fully belongs to user.
The only mean to look the ID is to users a smart identification agreement. And those who collect the personal keys can let the encoded ID viewing for others.All persons and firms which making something for the communities a rewarded by tokens according to the association rules. As for them turn, the developers stimulate the users for participating in the association life for a long time.
All the demands of insurance contract are automatically performed by the smart contracts according to the oracle, that excludes the human factor in the process. Al of the insurance premiums and other possibilities are blocked in a tokens on the smart contract. All of the tokens are distributed by smart contracts automatically the helps to the risks elimination.
Global risk exchange have minted 10,000 million tokens, named RISK through the Ethereum network that will be used to manage the processes of the platform and act as the fuel for the GRE Ecosystem, platform users will able to buy RISK by airdrop firms during the selling tokens in cryptocurrency markets after RISK production.
Token Symbol: RISK
Token Price: 1 ETH = 100,000 RISK
Total Token Supply: 10,000,000,000 RISK
Lock up time: Nil
Soft Cap: 2,000 ETH
Hard Cap: 20,000 ETH
Start: May 20, 2018
End: June 20, 2018
To sum up, GRE is going to revolutionize the risk management sector by offering services in an efficient, personalized, and fast manner. Decentralization will give consumers what they have always desired. With the GRE platform, risk contract sellers and buyers will be able to connect directly with no intermediaries.
Besides that, this platform will customize products to ensure that as many people as possible are covered. The issue of data loss will also be outdated. This will be made possible by the blockchain, which offers one of the highest levels of security known to man in the digital era.