INSCOIN FOR KNOX
Insurance is one of the oldest industries, and can be seen as representing the growth of the modern business which has come to define societies all over the world. In order to transferring and distributing risk in a monetary economy has been observed in China in the third millennia BC.One of the things that have defined the insurance sector over thousands of years is its ability to adapt its practices to fit with a technological landscape. From contracts written on parchment to websites and big data, the industry has changed rapidly. Blockchain is the latest technological game changer that leads companies to operate. One important issue that blockchain technology is the underlying principle of 'utmost good faith' in insurance contracts.This principle states that every party entering into an insurance contract has a legal obligation to act with a standard of "honesty greater than that usually required in most commercial contracts ". This means that the insurer ...