Hello Again. Thank you for your continued participation in the Insurance-Engineering Blockchain Consortium. This, our second month, has been filled with strategy and definition work among the advisory board and others on the following topics: Consortium Subscriptions, Emerging Technologies, and a token pre-sale crowdfunding effort.
Define the IEBC Mission
Insurance companies are very interested in Blockchain applications that impact existing lines of insurance or increase back office efficiency. For this reason hypothetical use cases are not yet at the top of their agenda. For good reasons, they are looking toward Permissioned Distributed Ledgers (PDL), which do not involve a native token (and are not actually blockchains). In any case, engineering would be essential in order to validate data inputs to PDLs associated with the physical state that they insure. In short, engineering would serve as a permissioned data input to insurance PDLs. This function is consistant with the adjudication role upon which the IEBC was founded. This function has broad implications including construction contracts, Internet of Things, Artificial Intelligence, Autonomous Vehicles, and much more. The full scope may ultimately be greater than we had originally anticipated.
The Emergence of # EngTech
Not unlike InsurTech and FinTech before it, EngTech refers to technology-enabled design, engineering and construction. This field is expanding rapidly with advancements in Building Information Systems (BIM), Sensor technology (IoT), Aircraft Engineering Modeling Systems (B777, B787), and other similar systems. These technologies, in essence, create a single database containing all of the connected digital information related to a building, structure, or complex machinery. The integration of these databases with external inputs and outputs from global supply chain to lifecycle records (and, of course, insurance) is a huge task being undertaken worldwide. The application of Blockchain to BIM systems presents an extraordinary opportunity for the IEBC to converge upon.
This month IEBC published 3 blog posts from our European colleagues introducing the integration of BIM+Blockchain. IEBC may be one of the first organizations to curate this connection. This is due in no small part to our extraordinary advisory board associations with the Center for Integrated Facilities Engineering at Stanford University and the Dublin Institute of Technology.
BIM Collaboration and Smart Contracts
BIM and Blockchain
Decentralized Cloud Data Environment
Digital Token Presale
The Ingenesist Project (TIP) is a private think tank that has long been active in the area of Blockchain and global engineering applications, including the formation of this IEBC. The idea we are working on is to issue a digital token (coin) that represents engineering productivity. The token would act as a form of global certification for a decentralized engineering force to access PDLs or any other medium of exchange. We intend to perform a pre-sale in a global market in order to fund the continuing operation of TIP projects, notably, this IEBC. We have knowledgeable people in our advisory board who have performed pre-sales in the past and we are confident in the potential outcome, if done correctly.
That said, the pre-sale will NOT be directly linked with the participants of the IEBC in the run-up campaign except to the extent that funds will be earmarked to IEBC in order to implement our paid subscription drive. If you or the corporation you represent are concerned about “crowdfunding” from a reputation, connotation, or regulatory standpoint, please contact me for more details. We could potentially raise a significant amount of money and we want everyone to be excited about that, not concerned with how we are doing it.
On the other hand, if anyone is interesting in learning what a token pre-sale is all about, please feel free to participate in the project!! This is a very interesting blockchain application and fascinating financial innovation in it’s own right.
Conclusion; we are making great progress with an extraordinary group of advisors listed and not listed. I’ll provide details of any of these items if you contact me directly at [email protected]. If you want to participate in some of our projects, please do not hesitate to contact me. Next month, we’ll have a lot more to talk about so please stay tuned.
I think you are on to something here. I'm curious about your thoughts on this...how the insurance industry can/will be disrupted by blockchain tech. https://steemit.com/blockchain/@jer979/disruption-alert-insurance-industry
Most people are saying that Insurance is the killer app for blockchain. From my research however, the industry is mostly interested in blockchain applications for existing lines of coverage and applications for culling the back office - get rid of all those pesky agents and processors. All the great ideas that involve insurance innovation may be slow to arise out of the major players because large pools of clients need to be built up in order for risk to be priced correctly. The disruptors will likely carry that torch with micro-insurance and insurance on demand, etc. But they may be slowed by archaic regulations. VC funding will try to pick winners and losers but what insurance really needs is tip-to-toe comprehensive coverage across society. What good is insuring your rolex from being stolen next sunday when crime is left un abated for lack of financial stability. So the friction is still enormous. Seems that the great risk today are data failures. Obscuring truths will mess up all the data upon which markets depend. Our approach at The Ingenesist Project is to secure knowledge assets and combine them in ways that cause truth to emerge on an immutable registry. The quality of the information can then feed into the appropriate risk models enabling comprehensive insurance innovation.
Thanks for sharing, Ingenesist! Great post btw.
Upvoted & Followed you as well.