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Traity, Suncorp roll out micro-insurance product using blockchain

Friday 17 February 2017 | 10:02 AM CET

Traity has teamed up with Suncorp, a large Australian insurance conglomerate, to release a micro-insurance product ‘Kevin’ in an open blockchain balance sheet.

Traity is a network that builds reputation standards, based in Madrid, Spain. In an ‘Open Blockchain Balance Sheet,’ for every new transaction that Kevin approves, it buys USD 10 worth of Bitcoin. When a transaction ends positively, Kevin sells USD 10 worth of Bitcoin and on negative grounds, it needs to pay the guarantee, an additional USD 100 into Kevin's Open Balance Sheet. This indicates that there is a 10x liability leverage that is reasonable.

This blockchain sheet can be verified and audited by any person at any time. In addition, the process is auditable and for every policy that is created, a blockchain transaction can be tracked to the increment in the balance sheet.

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