2021-04-07 19:34:59
We proudly present M-Setu, a collaboration between @infosysconsltng and @0xPolygon.M-Setu is an open-source bridge for enterprises to inter-operate with the Ethereum blockchain.
InsureChain is the first application built on top of the M-Setu bridge that showcases the ease of porting an insurance policy from one provider to another.
The Insurance industry over the world is looking at harnessing new technology to help their customers and achieve growth. We at Polygon believe that blockchain technology has the potential to transform the insurance industry both from an operational as well as strategic standpoint.
Blockchains enable insurance companies to share data in real-time in a manner that is trusted and completely traceable. The whole transaction history is fully transparent from beginning to present, and any unauthorized tampering of the system is prevented. By using a combination of public and private chains, access to sensitive information can be completely controlled to align with the KYC and GDPR guidelines while still keeping the cryptographic proofs and ownership on the mainchain. Since blockchains are distributed ledgers, there is no single point of failure and are thus more secure and resilient than normal databases.
Polygon is pleased to announce a new partnership with Infosys Consulting and showcase a proof-of-concept for the trillion-dollar insurance industry and explain how we can use this technology to address the use case of porting an insurance policy from one provider to the other. Over the next few weeks, we will also showcase more use cases in insurance related to KYC/AML, claims settlement, reinsurance, fraud mitigation, and peer-to-peer insurance.
Polygon is widely used by many projects to provide higher transaction throughput on Ethereum at a very economical price. With future enhancements to the Polygon SDK that will incorporate zero-knowledge proofs and Optimistic Rollups, customers will have access to technology that will allow them to have higher levels of data security and privacy in a shared system. This will also allow them to expose their data securely to third-party developers who can build applications on top of their data stack seamlessly.
With this announcement, Polygon solidifies our mark in helping Enterprises onboard to Public Blockchains.
Check out the proof-of-concept here:
Retweet: https://twitter.com/0xPolygon/status/1379834648969191426?s=20
1.4K viewsChinmay | Polygon, 16:34
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