IT is about you. Bitvalley builds value for the Insurance sector with a disruptive Blockchain-based solution

Transcription

1 Cygnet Infotech IT is about you Bitvalley builds value for the Insurance sector with a disruptive Blockchain-based solution

2 CLIENT PROFILE Our client, Bitvalley, is an emerging start-up with three years in the business. Bitvalley is already recognized among the top 10 performers in blockchain technology. BitValley thought of a visionary new decentralized economic model, with an underlying strategy to facilitate the adoption of emerging technology in agriculture territories that are ready for disruption. The global Blockchain technology market is predicted to reach USD million in size and is forecasted to grow to USD 2.3 billion by 2021 ~Statista

3 BUSINESS CHALLENGES Unpredicted events, weather, resource or knowledge limitations, and poverty, often lead farmers to extreme financial distress. Farmers frequently face uncertain crop damages and insurers also undergo financial losses due to small insurance contracts that ensure protection with small premiums, that leads to high overheads and low profit. To overcome these challenges, Bitvalley thought of taking an ambitious leap with its path-breaking project called IBISA. IBISA (Inclusive Blockchain Insurance using Space Assets) is an inclusive and mutual risk sharing solution with low fees, fast claim assessment and payment disbursements for farmers. With IBISA, the client had a vision to disrupt the traditional insurance model and make it affordable, accessible and easy to adopt by a large range of smallholder farmers. In addition, it was important to ensure that the model is of significant value to all the stakeholders participating in this risk sharing ecosystem. Our client wanted a peer-to-peer, decentralized micro-insurance service that can utilize space assets and the "wisdom of crowds". The core strategic focus was to bring about strategic business benefits, operational benefits and profitability to the agri-insurance domain that can benefit from blockchain technology. 500 million agri-entrepreneurs are under-insured and financially vulnerable

4 PROPOSED SOLUTION Recognizing Cygnet s in-depth expertise in Blockchain, Bitvalley partnered with Cygnet for effective technical consultation and development of their ambitious solution for the IBISA project. Blockchain consultants at Cygnet teamed up with Bitvalley to analyze requirements, understand the industry challenges and the expected outcomes on implementing the solution. Based on the analysis, Cygnet s team conceptualized a decentralized blockchain-based application to address the persistent limitations of traditional insurance practices. The blockchain based solution is aimed at ensuring Mutual risk sharing with low cost and fast damage pay-out by leveraging the lower cost decentralized system, the internet, and to bring risk sharing to a large and un-insured population worldwide. Architecture Diagram 3 System communicates to Enabler, who triggers payment through risk sharing tool 1 Watchers assess index. System concludes to hit severity Enablers Watchers Farmer s Community 2 System calculates individual and total indemnification Profiler

5 CYGNET s 4D APPROACH FOR IBISA Define Design Develop Deploy Discovery Project Planning Requirements Definition Conceptual System Design Prototyping Functional Design System Architecture Training Plan Test Plan Application development Testing User Documentation Program Documentation Change Management Software Installation Post Implementation Review User Training Well-planned assessment and roadmap Standardized product design Blockchain based decentralized system Launch of IBISA KEY FEATURES Transparent Transactions Smart Contracts Distributed Ledger Transparent Auditable Process Micro-insurance Policies Automatic Indemnification Reward Model Analysis of Earth Observation Data A decentralized application brings low cost service, quick loss assessment and fast pay-out. TECHNOLOGY STACK Ethereum Solidity Truffle Web3 Js Node Js IPFS Python

6 BUSINESS BENEFITS Decentralized system to record transactions under one network Unified and streamlined process for all stakeholders Data protection & secure ecosystem Real-time data and audit trail for business analytics Less manpower, lower fees, faster payment Reduced third-party risks by 80% Enablement of peer-to-peer models in finance, insurance and risk sharing Elimination of fraud and automation of claim procedure to maintain transparency Automatic and fast indemnification without filing a claim Quick loss assessment through wisdom of crowds The partnership between Bitvalley and Cygnet Infotech for the IBISA project has garnered significant attention, and will continue to ensure more innovation and thoughtfully organized business models to empower and transform smallholder farmers into competitive agri-entrepreneurs.

7 Cygnet Infotech LLC Cygnet Infotech LLC. 125 Village Boulevard, Suite 315, Princeton, NJ