Blockchain Insurance Company Etherisc Launches New Product with Chainlink Support

04/28/2023 16:37 • Metaverse Matters • 139 views

According to reports, the blockchain insurance agreement Etherisc has announced the launch of a USDC anchor free insurance product supported by Chainlink. If the price of USDC stable currency falls below 0.5% of its $1 anchor value (i.e. below $0.995) for more than 24 hours, customers will receive automatic compensation.

Etherisc Launches USDC Anchor Release Insurance Product Supported by Chainlink

In today’s world where risks are an inherent part of daily life, insurance has become a necessity. With the increasing importance of insurance, blockchain technology has opened new doors in the insurance sector. In this article, we will discuss the recent launch of a new insurance product by Etherisc, a blockchain-based insurance company, supported by Chainlink.

Introduction

The blockchain insurance agreement, Etherisc, has introduced a new insurance product supported by Chainlink. This new product offers a USDC anchor-free insurance policy, which offers compensation to clients if the value of USDC, a stable currency, falls below 0.5% ($0.995) of its $1 anchor value for more than 24 hours.

What is Etherisc?

Etherisc is a decentralized, blockchain-based insurance platform that offers smart contract-powered policies. The company provides self-executing insurance contracts using smart contract and blockchain technology. Etherisc aims to provide an efficient and transparent method of insurance policy management and claims processing.

What is Chainlink?

Chainlink is a decentralized oracle network that facilitates secure and reliable communication between smart contracts operating on different blockchain platforms. Chainlink provides real-time data feeds to smart contracts, ensuring that they execute automatically when certain conditions are met.

The Need for Blockchain-Based Insurance Solutions

Insurance companies have traditionally relied on manual processes and intermediaries to provide coverage. This method is both time-consuming and expensive. Additionally, the current system lacks transparency, with policyholders often unaware of how their claims are processed. Blockchain technology resolves such issues by eliminating intermediaries and automating claim processing, providing a more efficient, transparent, and secure way of managing insurance.

How Etherisc USDC Anchor-Free Insurance Works?

The new Etherisc USDC Anchor-Free Insurance policy will monitor the price of USDC. If the minimum price falls below 0.5% of its $1 anchor value for more than 24 hours, clients will receive compensation. Etherisc USDC Anchor-Free Insurance uses Chainlink’s decentralized oracle network to ensure data accuracy and timely claims resolutions.

Benefits of Etherisc USDC Anchor-Free Insurance

With Etherisc USDC Anchor-Free Insurance, clients can benefit from an automatic compensation system in case of price variations in USDC. This insurance product offers a high level of protection for policyholders and allows claims to be processed quickly and efficiently using smart contracts.

Conclusion

Etherisc has introduced a new product in the insurance market that offers insurance coverage with defined parameters. The Etherisc USDC Anchor-Free Insurance policy provides an automatic compensation system for price variations in USDC, ensuring secure and transparent claims processing. The support of Chainlink’s decentralized oracle network ensures that customers will be able to receive speedy compensation for their claims.

FAQs

1. What is Etherisc’s blockchain-based insurance platform?
Etherisc is a decentralized, blockchain-based insurance platform that provides blockchain-based insurance policies using smart contract technology.
2. What is Chainlink’s role in the Etherisc USDC Anchor-Free Insurance policy?
Chainlink provides data feeds to Etherisc’s USDC Anchor-Free Insurance policy, enabling it to operate automatically in the event of price variations in USDC.
3. How can customers avail of Etherisc USDC Anchor-Free Insurance policy?
Customers can avail of Etherisc USDC Anchor-Free Insurance coverage by signing up with Etherisc and depositing funds in USDC.

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