Top Blockchain Firm Supports REGA’s Insurance and Risk-Sharing Projects
TORTOLA, B.V.I., March 14, 2018 – REGA, the first “crowdsurance” platform on the blockchain, has secured an investment from the Bitfury Group to continue growing its affordable, secure and decentralized alternative to insurance.
In addition, REGA will sign an agreement with Bitfury to use their Exonum protocol to build a faster and cheaper decentralized scoring solution, enabling banks and insurance companies to be service providers for the platform.
REGA introduces “crowdsurance,” the concept that people unite in communities to provide a guarantee of compensation for unexpected loss, using the open-sourced and transparent qualities of blockchain to reimagine traditional insurance mechanisms. With support from investment firm, AltaIR, and a reputable blockchain service provider such as Bitfury, REGA will continue expanding its insurance offerings. REGA’s RST tokens are now available for purchase on the BTC Alfa Exchange.
In a similar mission, REGA and Bitfury are creating financial opportunity and security, advancing technology to promote innovation, and spreading opportunities globally through different sectors by promoting peer-to-peer support.
So far, REGA has launched three projects:
- Pet Crowdsurance – REGA’s Lexi Club project enables pet owners to save up to 80% off of veterinary costs. The crowdsurance network managing the risk of injuries or sudden illnesses in pets proved feasibility and a demand of crowdsurance services. (I still don’t understand what this sentence means)
- Travel Luggage Protection – Using radio-frequency identification technology for the advanced tracking of luggage, and following a joint-development agreement with CCAT Reinsurance Company LTD, REGA will be able to provide a secure assessment for each claim of lost luggage. The project will be built on the REGA crowdsurance platform and will allow passengers to receive compensation for luggage up to $5000 with a cost of about $12 per year.
- Athlete protection and risk assessment – In collaboration with TokenStars, REGA is providing attainable solutions for the sports industry, introducing a scoring system for applications from junior athletes, appeasing investors who fund the careers of the young sportsmen.
Unlike traditional insurance models, with crowdsurance there are no insurers, intermediaries or brokers. Rather all the processes are controlled and managed by programs and algorithms. Backed by smart contracts, the platform will provide Super Pool capacity to cover risks for own and third-party products. REGA’s member community will become experts in the platform’s mechanism and business model, and in turn help the platform develop and adjust risk models for its own crowdsurance projects.
The platform’s open-source software makes product design processes and financial transactions traceable and transparent, eliminating the conflicts of interests existing in traditional insurance markets.
REGA’s Risk Sharing Tokens (RST) will be accepted as payment for crowdsurance products running on the platform, as an investment in crowdsurance pools. REGA’s crowdsurance initiative introduces a cheaper, honest and transparent insurance concept where people unite together in communities to help insure each other.
“We believe blockchain is changing the way industries have traditionally offered their services, for the better,” said Sergey Sevryugin, CEO of REGA. “We are proud to be part of the movement along with forward-thinking partners such as Bitfury in making products that are so vital for the regular person finally accessible and affordable.”
REGA’s Risk Sharing platform and crowdsurance projects unite communities in order to provide guarantee of compensation for unexpected loss. The first blockchain-based company to implement the concept of crowdsurance is backed by smart contracts on the Ethereum platform and a Super Pool capacity to cover risks for own and third-party products. Crowdsurance will finally become the community development driver rather than the source of profit from unrealized risk for insurance companies. Getting rid of intermediaries will make crowdsurance attainable and affordable.
About The Bitfury Group
The Bitfury Group is the world’s leading full-service blockchain technology company and one of the largest private infrastructure providers in the blockchain ecosystem. Bitfury develops and delivers both the software and the hardware solutions necessary for businesses, governments, organizations and individuals to securely move an asset across the blockchain.