Blockchain
A Blockchain is a series of records, linked by cryptography, that contain hashes, which are basically algorithms.
Those algorithms contain data that are the representation in coding language of all activities and files that can be done on or exchanged via computers, for example a document uploaded online, a message sent to someone, clicks and usage of a website.
All such activities can be represented as records of a Blockchain and can be retrieved by the permissioned users.
We believe that Blockchain is a key innovation for M&A insurance, because it adds trust, encryption and immutability to the usual data exchange.
Our Platform
Our Platform
ClosingRisk uses an Ethereum-powered permissioned Blockchain to run the quoting of its insurance products:
- Only permissioned users may initiate on the platform the request for a quote
- Partner insurers access the project details and open a communication channel with the client
- Closings are recorded in the Blockchain via an encrypted smart contract
Key Advantages
Encryption
No more confidential data exchanged over unsecure servers or on the phone
Immutability
Blockchain data are immutably saved and can be retrieved in dispute cases
Storage
All transaction, policy documents and conversations in one secure place
