Current PolicyPal Network (PAL) guide: What is a PAL token? Comprehensive fundamental analysis
PolicyPal Network (PAL token) is an unlicensed platform created with the idea of bringing insurance protection to large numbers of unbanked people in developing economies.. It includes comprehensive protection plans to mitigate risks in the crypto space.
What is PolicyPal Network (PAL)?
The modern insurance industry consists of two structural components (carriers and policyholders) linked by an intermediary, usually a sales force.. While the global insurance ecosystem accounts for 5.7% of the world’s economy, there is a lack of innovation in this area.
This stagnation has exposed structural inefficiencies that can be effectively addressed with creative collaboration via Blockchain.. PolicyPal Network wants to create a decentralized platform to facilitate the purchase of policies, using blockchain technology for insurance. The portal is also designed as a secure verification point for quick and easy payment of funds.
PolicyPal Network (PAL) Overview
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The platform provides secure, timestamped storage of a policyholder’s information that prevents it from being copied. Blockchain offers smart contracts that will automate payments and address verification delays, the biggest nuisance in this space.. Along with the above, there is unparalleled transparency during the consensus process.
PolicyPal Network (PAL) Key Features
The main goal is to integrate legacy applications with modern technology. is to lead. The issues PolicyPal Network addresses are:
Many people in the developing world without bank accounts and insurance: By removing barriers to insurance coverage, giving consumers in developing countries access to the insurance ecosystem
Security of crypto assets: Insuring cryptocurrency exchanges and wallets against hacking is no longer a luxury. This platform will offer strong protection against loss of funds for business venture and individual investors.
Simplifying policy claims: The use of smart contracts in conjunction with trusted third-party data sources ensures automatic processing of policy claims.
Preventive action against insurance fraud: A blockchain is a decentralized timestamped ledger. This fact bodes well for the industry, as it provides data immutability and transparency in the ledger, reducing the possibility of fraud.
How Does PolicyPal Network (PAL) Work?
The platform uses blockchain technology for easy access to the insurance ecosystem. PolicyPal Network seeks to leverage its existing partnerships in emerging markets to reduce barriers to entry as well as spread overall risk among larger groups to significantly reduce each individual’s stake.
These partnerships are key to the distribution of proposed insurance products.. Finally, partners play a key role in authenticating users as well as documents of damage to minimize forgery and fraud.
Through this shared network, transactions are recorded on a secure, public ledger that helps improve overall operational efficiency. . Members pay a participation fee and a monthly membership fee. They are grouped into pools of 5,000 to help settle claims.
PAL token holders can participate actively by recommending new and different insurance products and helping to market insurance policies in the community.. The system rewards various individuals with PAL tokens when the pool they create has a lower-than-average demand rate.
PolicyPal Network is being developed on the Ethereum blockchain.. Following this, the PolicyPal Network Blockchain will be based on a custom fork of the Ethereum codebase.. This will naturally be tailored to insurance products.
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The plan is to have two sidechains: PPSecure for privacy and security and plasma for scaling PolicyPal’s implementation uses Django as the core framework for web development. For mobile app, React Native and Redux are used for app creation and state management.
PolicyPal Network (PAL) About the Team
Val Yap is the founder and CEO of PolicyPal. He gained rich experience by serving as Assistant General Manager at OCBC Bank. His involvement has included a wide range of digital initiatives and brand renewal campaigns.
Yap also served as risk insurance officer at PwC’s London office.. He holds a master’s degree from the Imperial College, London. In 2017, he was included in the ’30 under 30′ list of Forbes Magazine in the Finance and Venture Capital category.
KC Wong is the technical manager in PolicyPal. Deep experience in multiple OOP languages including C++, GO, Python and JavaScript. Along with his deep interest in crypto money and previous experience in HyperLedger and Ethereum, he closely follows all developments in the industry.
Preparation of technical infrastructure, creation of back-end web infrastructure and a similar initiative He has experience in developing a content management system for.
Scott Walchek is the Founder and CEO of Trōv. He is a successful technology entrepreneur who has been involved in the creation and development of various internet technologies over the past 25 years, including Macromedia, C2B Technologies and Dept Market. .
PolicyPal Network (PAL token) Analysis
PolicyPal tokens (PAL token), released in early May 2018, initially $0.30 it was worth. (Click for current prices)
Although the true potential of this token is debatable, the idea itself and the people involved in this project provide extra credibility.
Which exchange can PAL token be purchased from?
PolicyPal Network looks set to simplify a troublesome but important service. Its versatility and ease of implementation make it an interesting prospect.. As a result, it won’t be a surprise to see this service grow as time progresses.
If you want to invest in PolicyPal, the PAL token currently has DDEX, IDEX and >Traded on OTCBTC exchanges.
PAL token live price chart
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