Stratumn, Deloitte and LemonWay unviel blockchain-based micro-insurance PoC

Stratumn, in collaboration with Deloitte and Lemonway, recently launched LenderBot, a micro-insurance proof-of-concept for the sharing economy.

The aim of LenderBot is to facilitate the borrowing and lending of high-value items while offering a way for lenders to insure those items. The entire workflow takes place through a chat bot on Facebook Messenger. Once the borrower and lender agree to the loan terms they interact with the bot to digitally sign the agreement. The bitcoin blockchain serves as a trusted third party to the loan contract.

“In the short term, blockchains won’t fully disrupt all trusted third parties. To the contrary, in some cases it will facilitate their work around data validation and processing. The blockchain simplifies the transfer of confidence from one service to another. Here we rely on the identification provided by Facebook and LemonWay to create a three-way contract between insured parties and the insurer. This transfer of confidence is reinforced by the use of cryptography and timestamped data in the blockchain. This guarantees data protection and traceability of every step in the subscription of the insurance contract.” said Richard Caetano, CEO of Stratumn.

Stratumn is a Paris-based blockchain application firm.