Verida announces its collaboration with Nimble that will help in improving the insurance protocol of Nimble, which is completely decentralized, along with the platform, which is built on the Algorand Blockchain.
Using Algorand Blockchain, Nimble is working on democratized and decentralized insurance platform along with Verida, allowing members of the Nimble community decentralized identification, trustworthy storage, ownership of private data, and decentralized communications.
Vision for Insurance in Nimble Democratized and Decentralized
Nimble is currently working towards the latest technology, allowing communities and members to engage in the insurance process, earn income, own their personal data, and enter into the community still needs to be commoditized but offers reliable service.
Verida is going to work in tandem with Nimble to connect to Algorand, the Blockchain of choice designed towards smart contracts and coin payments.
The Verida framework’s trustworthy storage, identification, and communications features are used by Nimble’s decentralized and democratized insurance solution.
This allows stakeholders of Nimble, including capital providers, insured people, and underwriters, to get distinct value from Nimble’s Insurance-as-a-Service network.
Offering a consensual added with a safety mechanism for people to share their data and participate in the insurance process would be impossible without providing a platform that lowers insurance prices and delivers much-needed fairness to the insurance process. This technology is provided to the Nimble ecosystem through the network of Verida and the Vault of Verida mobile.
A well-secured architecture, Nimble can link to current systems of carrier both on and off-chain, which allows Nimble members to anonymously transmit and request data while also receiving micropayments. This is a novel insurance idea that helps in proactive risk avoidance, claims recovery, and management.
This cooperation will help establish transparent interaction between the insured and insurers, which has been the case in the past. It defies conventional wisdom and establishes the foundations of the latest insurance procedures allowing everyone the participation in the changing ecosystem of insurance and building strong and resilient communities that can not only pool their shared risk but also profit from insurance.
About Nimble
Nimble is a decentralized insurance firm based in the United States developing Web3.0 along with Blockchain-based tools and technologies to enable community-related efficiency also following fair insurance procedures. Nimble created a system decentralizing all parts of insurance in order to allow for multi-party involvement and secure, consensual risk sharing.
Nimble dedicated itself to empowering its communities and insurers through Blockchain technology to simplify procedures, boost cost efficiency, and enable service to insurance coverage not readily available in the traditional insurance market.
About Verida
Verida is a user-controlled network of personal data that incentivizes users to have complete access to data housed on a centralized server. Builders may leverage this information to build innovative applications like trustworthy storage, decentralized communications, along with a sign-on single. Users’ personal information may be entered into smart contracts, allowing them to connect to numerous blockchains.
Source: https://www.cryptonewsz.com/verida-and-nimble-partnering-for-implementation-of-insurance-protocol/