Technical innovation is the continual force behind the developments in finance. Among these innovations blockchain technology has received a great deal of attention owing to its strong tamper resistance, traceability and decentralized nature. The insurance industry, as one of the primary pillars of finance, is now wrestling with the question of how blockchain technology can be used for industry reformation.
William Jin, as the technical representative of Global Risk Exchange (GRE) was invited to speak at "Developers Meet-up in Shanghai" on the 20th of June. He delivered the keynote speech, giving a professional explanation of the underlying technology behind contemporary blockchain, as well as delving into the notable accomplishment that is the technical foundation supporting GRE.
Special choice for the underlying technology
GRE is an open source, decentralized platform built upon the base technologies of Graphene and Bitshares. The Delegated Proof of Stake (DPoS) consensus mechanism is capable of guaranteeing confirmation times of approximately one second, when coupled with Graphene technology rates of 100,000 trades per second can be realized.
On top of this formidable technical base GRE has established the primary and secondary insurance trading logic with a core in smart contracts, optimized reward mechanisms, and provides a complete and stable token system (RISK). Combined these all form to provide a solid foundation for DAPP, Wallet and other products at the application level. Other than just the official GRE APP, any partner and user is able to access this application system to build their own DAPP. In any localization the "GRE Model" can be applied for operation.
William Jin while explaining GRE smart contracts to the developers at the Shanghai Developers Meet-up delved deep into the development details and procedures. This included, to name but a few, the choice of programming language, the differences between development being based in Graphene and in Ethereum.
He broke smart contract creation up into 8 main steps: “Objects”, “Index”, “Search”, “Operations”, “Validation”, “Initialize”, “Evaluate & Apply” and “API Call.”
Then he opened them up by demonstrating the main points and details of the code within each step. He received the undivided attention and overwhelming commendation from the professionals present.
GRE has reconstructed the insurance ecosystem
William emphasized the GRE Model is the link bridging the insurance industry, smart contracts and the concept of decentralized ledgers. In one hand the users can get individualized insurance policies made to order, a highly efficient insurance process, guaranteed information security, and hedging of risks, all on the platform. Then in the other hand, they can use the platform to gain profits.
Another USP of the GRE ecosystem is that the insurer and the insured are not the only ones that can benefit from and join the ecosystem. Actuaries are able to make insurance policy contracts on the platform. Software developers are able to work on improving the technical base behind GRE Model. Most importantly, all can receive rewards for their contribution in corresponding RISK tokens.
Global Risk Exchange (or "GRE") is a Graphene based, decentralized and open source global risk-trading marketplace, with the purpose of helping individuals, companies and organizations to trade and manage their risks. The GRE team is made up of professionals with decades of global insurance actuarial, risk management and technical R&D experience, including from AXA, Allianz and China Life insurance group, among other Fortune 500 insurance companies.
Prior to this GRE has received investment by Shen Bo (Founder of Fenbushi Capital), James Gong (Founder of ICOAGE and Blockchain Pencil), LD Capital Limited (Founder Lihua Yi), JRR Crypto (Investor of Binance), Huobi Global Eco fund, and Bitrise Capital.
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