Car Insurance App Built with Blockchain Technology to Provide a Fully Transparent Experience for Consumers.
Infuy developed an end-to-end solution for providing transparent car insurance online using blockchain technology. The use of blockchain technology for issuing car insurance has attracted consumers due to the high level of distrust that currently exists in the industry.
Based in Genève, Switzerland, Lamden is a developer devoted to helping its clients build and generate revenue from blockchain powered smart apps. These blockchain powered apps facilitate the process of recording transactions and tracking assets in a business network.
Lamden needed an Ethereum Proof-of-Authority Network application that could serve as a managed and decentralized ledger for USD tokens. Each of these tokens represents one U.S. Dollar in a Lamden business bank account. Users would be able to sign up and deposit funds into the platform. Proof-of-Authority (PoA) is an algorithm used with blockchains that delivers comparatively fast transactions through a consensus mechanism based on identity. In PoA-based networks, transactions and blocks are validated by approved accounts, known as validators.