Global Risk Exchange is a blockchain based ecosystem offering individual, company and organisation ability to hedge, transfer and trade their risk. GRE manage risk through creation of risk management tools and Oracle. Globally, Risk management has become a growing demand by individuals and organisation. However many of the risk management industries are operated within a central authority which make risk management prone to unfairness and even transparency is lacking. Assessing risk has subject to partiality. The use of blockchain technology we solve many of the imbalance surrounding traditional risk management industry. Blockchain technology as its well-known store data through a ledger which make transaction on the platform save and secure. Alteration of information being stored on blockchain technology is practically impossible.
GRE dispersed database will store private information of users, including personal ID, data needed to price personalized risks and other sensitive information. The understanding of distributed database can be compare to Steem (An incentivized, blockchain-based, public content platform).
Risk smart contract created on GRE ecosystem are executed automatically which make it fast compare to centralized authority where information are process manually. Sometime document containing vital information are lost which might affect the incurred. Everyone on the ecosystem is free to create it’s on risk management smart contract using predefined template and risk management expert can also design a risk management smart contract and get rewarded. Three set of users will benefit from GRE Ecosystem. They are;
• Insured
• Insurer
• contract designer
The incurred pay for premium and
Insured are the users on the platform that directly want to buy risk management smart contract to hold the risk. Their own risk are moved and received by others that are ready to buy them at premium cost. Incurred are compensated when the risk finally happen. Insurer can be an insurance company, individual or organisation that accepts the risk which was transfer by the insured explained above. However they will pay the liability when the risk finally occurs. The work of contract designer is to design a robust risk management contract and they are rewarded for their work.
The RISK is the official token of the GRE. The token will be used on the platform. It is an ethereum ERC20 token which will be purchase using ETH, BTC and other cryptocurrencies. Counter-party risk is completely prevented on the GRE platform for the reason that the entire risk management contract will be locked in form of token and these will be dispersed based on the final decision established by oracle
RISK token will be used in processing transaction and risk contract will be claimed with it.also transaction fee which are being paid on the GRE platform can be paid using RISK. These transaction fees are being used in development of the platform in order to improve liquidity and encourage more capacity building. Also reward for risk management contract publishing will be paid in RISK token. for more information on GRE kindly visit https://www.gref.io/ to read more on global Risk Exchange you can download the whitepaper here https://www.gref.io/gre.whitepaper.en.pdf
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