Fidelidade chooses Blockchain solutions for the next phase

The Blockchain Fidelidade Insurance Challenge aims to understand how Blockchain can help detect fraud in insurance sector. This Challenge consists of two specific challenges related to the insurance industry issues.

The Portuguese Alliance of Blockchain announces that the teams have been selected to move on to the next phase of the challenge promoted by Fidelidade in the area of ​​insurance.

In response to the challenge presented by Fidelidade focused on the possibility of selling insurance for one-time insurances, teams qualified for the second phase of Blockchain Fidelidade Insurance Challenge proposed innovative solutions based on characteristics such as accreditation and clear identification of the parties security and privacy of transactions or resource efficiency.

"The potentialities evidenced in the proposals presented reveal what has long been expected," says Rui Serapicos, of the Portuguese Alliance of Blockchain. "The Insurance industry will be one of the fastest to benefit from the use of Blockchain technology and Fidelidade is betting on this paradigm from an early age." Rui Serapicos also points out that "the teams presented solutions that meet what was proposed by Fidelidade and we believe that very soon we will be able to see solutions like these in the national market".

The Blockchain Fidelidade Insurance Challenge is based on two insurance challenges. The first has to do with insurance for a unique sporting event (one-time insurance). With the increasing availability and accessibility of sporting events, accompanied by a generalized motivation for its practice by the general population, it creates a relevant opportunity for an innovative positioning by the insurance companies, available to cover the risks of accidents of the participants.

The other challenge of this Challenge is related to parametric insurance, where, in the current context, there is a set of parameters that surround us and whose events that trigger are also recognized univocally by the various parties. The aim of this challenge is to create a parametric insurance model, taking advantage of the ability to monitor online risk based on parameters and Blockchain recognition of triggered events.