Medishares is the world-first mutual insurance marketplace on the Blockchain. Medishares use the blockchain technology to embed trust into all transactions on the platform. The use of blockchain technology significantly improves efficiency and lowered the operational cost for insurers. Medishares believe that the future of insurance is rested neither on the internet. Based E-policy nor on the skyscrapers of an insurance company. The platform hopes to transform the productive relation if mutual insurance industry. This will enable insurance to return to its nature by sharing the benefits it makes with the community.
How Medishares work
Since the Medishares platform is an Ethereum based, decentralized, open source platform. It provides all tools required for contract creators and users to enter into a mutual aid contract. The platform is initially operated and owned by a Singapore based foundation and its affiliates. The platform uses the Function modules which include participation module, and settlement module.
The participation module helps users join a mutual aid shame through sending an amount of MDS to smart contracts the contract creators the mutual aid smart contract when the MDC parameter is defined. On the other side, settlement module is accessible through the usages on MDS. The process is good because it is resistant to inflation and is not vulnerable to the risk of price fluctuation.
Use cases/ application scenarios
Medishares can be used in various settings depending on the person’s demands and requirement. Some of the things that Medishares can be used for, include:
Mutual Aid Contract for serious illness
Most insurance cover for serious illness is completed upon completion of claim settlement investigation. Using the Medishares platform, companies and platform can create specific serious illness aid contract based on the smart contract template.
Mutual Aid Contracts for X-sport fans
X-sports as continually becoming important activities for people who seek for thrilling experiences. Through Medishares, members of diving associations or community can create mutual aid contracts that target diving fans.
Mutual aid contract for various illness
Medishares uses the cryptography meshes such as anonymous illness mutual aid contracts to protect the user’s privacy. At the same time, the methods deliver impartial and fair mutual aid assistance to members.
Mutual aid contract for supercar owners
For example, in China alone, you can find more supercars than other regular cars. Medishares offer supercar owners or club a remarkable mutual aid contract that reduces the costs of creating mutual aid contracts with other supercar owners.
The list of uses case also includes for disastrous weather, virtual assets and so on. Medishares platform also has other modules that are listed in its whitepaper.