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DYNAMIS – Ethereum-Based DAO for Distributed P2P Insurance

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In View Summary

Dynamis is an Ethereum-based “distributed application”, meaning that the authority to validate or rescind transactions between participants is distributed evenly across the network. In this case, Dynamis is using Etherum to provide a peer-to-peer (P2P) insurance platform for redundancy insurance and other niche product lines. Eventually, Dynamis aims to create a decentralized organization to restore the trust and transparency currently lacking in the insurer-insured relationship. Dynamis intends to achieve this by providing a blockchain based consensus mechanism that will circumvent the costs and processes traditionally applied by insurance companies.

dynamisapp

Dynamis aims to create a decentralized autonomous organization (DAO) to restore  trust and transparency in the insurance industry.

The first product Dynamis has created is a community-based unemployment insurance product using smart contracts that run on the Ethereum Blockchain platform. Specifically, Dynamis will use social networking data and validation points to verify a claimant’s employment status among peers and colleagues whilst also relying on Bitcoin-powered smart contracts for automating claims.

According to Joshua Davis, CEO and founder of Dynamis “What the Internet did to liberate information, blockchain technology is now doing to facilitate agreements.

Under this unemployment insurance offering, a participating company pays premiums through bitcoin into a smart contract for employees, and depending on claims ratios, over time the premiums would go down. In the event of redundancies, employees receive payouts directly from this network of employees without the involvement of a traditional insurer.

An additional advantage of using smart contract logic to automate the underwriting of policies and evaluate claims is that other policyholders are able to issue supplemental unemployment insurance without the need of any full time staff.

By using the Blockchain, Dynamis wants to ensure that severance funds actually belong to employees and not employers who might be motivated to change the terms of a claim on a case by case basis.

Reported Benefits

Benefit to Customers

  • Empowerment and better control
  • Dis-intermediation and trust-less exchange
  • Transparency and immutability
  • Cost reduction

Benefit to the Insurer

  • Efficiency gains
  • Enhance the quality of service delivery while improving confidentiality and integrity of data
  • Reduction in fraud

The Digital Insurer's View

Ultimately, with burgeoning possibilities from smart contracts to identity authentication, fraud prevention to claims management, the promise of Blockchain-based financial services is huge. However, it’s important to note that this technology is still in its infancy and promising startups such as Dynamis will need to overcome technological, user skepticism and regulatory issues, to name a few in order to reach true scale with their offerings.

However, 2017 looks set to be a watershed year for Blockchain – a year where disruptive applications based on Blockchain technology will start reaching consumers, albeit at the early adopter level.

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