:: Global Risk Exchange :: Blockchain Risk Sharing Marketplace
Global Risk Exchange is a decentralized platform that enables entities to appraise, hedge, trade or manage their risks. GRE basically reconstructs traditional risk management taking advantage of the power of blockchain to create a system of operation in which the insurer, the insured and the contract designer converge to trade or manage risks.
The essence is to create a system that caters for risk management by incorporating traditional insurance and derivative market on it, thereby meeting risk management needs through the distributed ledger technology.
The project democratizes the risk management industry using tools such as oracle and smart contracts to ensure that policy agreements take cognizance of the need of all stake holders as well as ensure peculiar risk demands are met. The system allows entities such as individuals or companies that have risk management needs to initiate processes through which these risks are traded while those willing to cover these risks do so using innovative tools provided by the platform.
V.S. Traditional Centralized Structure
Traditional insurance is fraught with vicious competition due to centralization and products homogeneity, resulting in competition for the same group of clients and solutions, despite having market segments whose risk management needs are not met. Underwriters do not have solution to peculiar needs because company policies are already set focusing on familiar turfs.
Corporate structure makes running costs high. This high cost is transferred to insured parties resulting in high premiums. Smaller firms may not be profitable due to skewed odds and high overhead. Furthermore, the use of intermediaries or middlemen in the industry adds to the cost of doing business.
Despite intentions of companies, the privacy of the holders of policies is not guaranteed and sensitive information may be leaked to unauthorized persons. Fraud is also a possibility through the concealment of vital information to the insurer or nondisclosure of full policy information to the insured.
In the derivative market, crisis creates panic leading to outflow of funds and liquidity problem. Market volatility increases risk. This arises because there is no guarantee that the counter party would fulfill their part of the derivative contract. Risk is sometimes distorted just to make contracts attractive.
The platform is built to enable anyone with risk management need to initiate transaction by creating a personalized request that would be matched by providers. This customization takes advantage of smart contracts to give buyers solutions that meet their unique needs.
Global Risk Exchange has simplified insurance and the derivative markets by creating an ecosystem incorporating a sales channel, actuarial contract and provision of risk management services. Risk managers can sell their services while those in need can advertise their specific needs being confident that there are providers willing to manage them.
The GRE platform ensures that users’ privacy is protected as personal information is stored on the blockchain. Only through private keys used for the purpose of accessing a smart contract could the parties concerned access this information keeping them off limits to unauthorized person.
All participants in the derivative market have access to time stamped contracts that cannot be arbitrarily altered by one party and ensures full disclosures. Tokens used for the derivative market is locked to ensure that panic in the market doesn’t affect redistribution according to final verdict, thereby eliminating counter party risk.
Token Sale Finished in 4 days!
For more information visit the website: Website: https://www.gref.io/
Following the successful token sale is the implementation of the projected roadmap
For more details on each component please see the extensive whitepaper: https://shimo.im/docs/z3hxFLzpYVgxj1SB
Additional Information:
Website: https://www.gref.io/
Whitepaper: https://shimo.im/docs/z3hxFLzpYVgxj1SB
BitcoinTalk [ANN]: https://bitcointalk.org/index.php?topic=3178591.0
Medium: https://medium.com/series/aa50bbc44814
Telegram: https://t.me/GREF_EN
Article written by @justiceforall
Bitcointalk user: Mr.Ease
User link: https://bitcointalk.org/index.php?action=profile;u=803528
Ethereum Address: 0xEa67d5856b48925972a9f3d6D9b923593B8B16a6
Interesting concept. Sounds like a huge feet to take on, I hope the team can accomplish their goals
they received quite a bit of investments in a short period of time. Lots of believers out there!
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decentralized exchanges are the future..
Yes, and not just currency exchanges!
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