Cygnet partners with Bitvalley to build Value for the Insurance Sector with a Disruptive Blockchain-based Solution
Country: Luxembourg, Europe
Domain: Insurance, Agriculture
Technology: Solidity, NodeJS, Python
Development Framework: ethereum, mvc
Database: IPFS/Bigchain DB
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. Our client 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.
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.
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.