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Smart Contracts
Texte du Storyboard
- Hey everyone! Let's talk about Blockchain Smart Contracts to make sure we are all on the same page.Let's look at a real-life example, okay?
- Guy wants to buy flood insurance on his house since he lives near water
- Seriously, I only want flood insurance and really only during the summer!
- Guy needs to an insurance company, but, they wont sell him flood insurance without an annual homeowners insurance policy
- WTF!
- Mr. Insurance Man gets a cut of the monthly premium and the rest rolls up the company chain
- Oh! Yeah! Sucks to be you, man.
- Meanwhile.....
- Oh! Dear!
- Aunt Emma wants to earn a safe monthly return on her retirement savings.She hears about reinsurance investments whereby the insurance company will pay her an interest rate on her money if she buys a reinsurance bond. Aunt Emma will get <1% per year. But, it is safe!
- I love this job!
- Who the #%!! is making up all these $#!&&@ Rules!This totally sucks!
- So, that's what it's like in the real world. Well, sort of mostly like that.But you get the point.Guy is locked into buying a product that he doesn't really want, and Emma is locked into investments that don't really meet her needs.
- OK! There is an alternative, and it goes by the name of "DeFI". "DeFI" means Decentralized Finance.Let's take a look at how it would work.
- https://www.ibm.com/blockchain/industries/insurance
- https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/blockchain-in-insurance.html
- OK, Aunt Emma you have money to invest, so, you should buy what is called a "StableCoin".The Stablecoin you could be is called "Tether". Tether is a StableCoin tied to the US Dollar.You put one dollar in, you take one dollar out, minus transaction fees. There are no wild swings in value.
- Tether
- And, Guy, you need to go a company offering insurance through blockchain Start by looking at Lemonade.They are making strides in the homeowners insurance market.Go there and profile yourself and the property you want to insure.Also, you too need to set up a stable coin crypto-curency
- https://builtin.com/blockchain/blockchain-insurance-companies
- OK, Guy, now that you have a request for insurance and a way to pay, and Emma, you have moved assets into Tether you can now enter into a contract between the two of you for exactly what you need.
- https://www.ibm.com/blockchain/industries/insurance
- The smart contract will transfer Tether coins every month to Emma, and if there comes a point when the funds are not transferred, the code will terminate and/or end the lock on Emma's funds
- 7%
- T
- TetherBlockchain
- The smart contract locks the crypto in Emma's Tether account so the money is always there. And, software rules will determine if to transfer those funds to Guy or terminate and/or end the contract
- Smart Contract
- TetherBlockchain
- T
- InsuranceBlockchain
- Flood Insurance for only summer months
- OMG! What's Happening!!!
- Somebody please but it back the way it was
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