Blockchain-powered workflow solutions company Stratumn recently launched a micro-insurance proof-of-concept for the sharing economy. It’s called LenderBot, and it was developed in a partnership with Deloitte and LemonWay.
The aim of LenderBot is to facilitate the borrowing and lending of high-value items while offering a way for lenders to insure those items. The entire workflow takes place through a chat bot on Facebook Messenger. Once the borrower and lender agree to the loan terms they interact with the bot to digitally sign the agreement. The bitcoin blockchain serves as a trusted third party to the loan contract.
Richard Caetano, CEO of Stratumn said, “Here we rely on the identification provided by Facebook and LemonWay to create a three-way contract between insured parties and the insurer. This transfer of confidence is reinforced by the use of cryptography and timestamped data in the blockchain. This guarantees data protection and traceability of every step in the subscription of the insurance contract.”
Stratumn provides the Trusted Workflow tools, LemonWay supplies the payment solution, and Deloitte brings its knowledge of the financial industry and relationships across the globe.
Richard Caetano, CEO presenting Stratumn’s blockchain development platform at FinDEVr New York 2016.
Earlier this year, Stratumn’s CEO Richard Caetano gave a presentation titled Building and Securing Smart Workflow Using Chainscript and the Stratumn Blockchain Development Platform at FinDEVr New York 2016. Established in 2015, Stratumn released three small libraries earlier this month to help developers use Stratumn beta and Chainscript. The company is based in Paris and has raised $670k in seed funding.