New Economy
Being an entrepreneur working as a consultant in a world that is very sensitive and closed to clients, the trust and transparency of my work was essential.
Frequently, customers put problem areas into the room, which were simply not feasible with the current technology. If there was a possibility, the costs were often disproportionate to the result and the added value was justified. I was able to solve a field that affected all of us as part of a successfully completed project. The ability to accurately classify drug ingredients and make their entire supply chain, including all records, globally available, was made possible through the block chain. Assigning variances in real time (live) and being able to take action sounded utopian for my client. Not every supplier | Forwarder can and wants to afford new systems and processes, so the simple and sustainable inclusion of the entire supply chain is essential.
Not just any ingredient, process steps, and documentation of the whole was stored and recorded in a private (non-public) blockchain. This not only gave the end user security, but also the manufacturer and all suppliers Freight forwarders. Insurance is a classic case of application. Would it not be an essential advantage for a customer to know all basic conditions and obligations before concluding the contract? Utopia, if this without being | their consent would not be unilaterally changeable? In the event of damage you know in advance exactly when your insurance product will replace how much. An insurance product can easily be portrayed as a „smart contract“. Is thus publicly available and follows clear rules. A unilateral change of the contract is not possible, this requires the approval of all? Due to their basic idea, insurance companies are predestined to use the blockchain with „smart contracts“.
A large number of customers pay a risk, which in reality only a few isolated cases. A community that provides for each individual and provides services when needed. If one pushes this idea of community and decentralization to the extreme, one lifts the entire legal construct in the form of a DAO (decentralized autonomous organization) also on the Blockchain. Any payment and compensation for costs are thus apparent, comprehensible and transparent. There is no longer any need for corporations to earn from society by providing them with exactly this community redistribution.
Especially as these insurance products are often a legal obligation. Companies and their employees provide valuable services in the individual areas and generate added value for the customer, so in my view they are entitled to receive a reasonable fee. Unfortunately, this has been a massive overrun in the past and has ultimately become a burden on paying customers. „Keep it simple and transparent,“ with these simple but grave words, the Blockchain has brought us a variety of solutions to today’s systems. Finance, logistics, autonomous driving, product development, insurance, or power industry (to name but a few examples), they all become and have to generate an advantage for us as customers through the blockchain.