CHAIN-FINANCE is conducting an on-going survey on the use of blockchain or distributed ledger technologies in the financial services industry. The following directory highlights the companies, organizations and projects in the “Blockchain in Finance” ecosystem, the technology they have developed or provided, and the customers or partners that they are currently working with.
Founders: Joshua Davis and Mary Davies
Technology: Ethereum DApp
Dynamis is an Ethereum-based distributed application (DApps) providing peer-to-peer (P2P) insurance. The goal of the DApp is to create a decentralized autonomous organization (DAO) that meets policy holders’ needs in new ways and evolves with them, providing consensus mechanisms, transparency, auditability, and operating only in the interest of its policy holders.
The first service is supplementary unemployment insurance, where small business can provide severance coverage for layoffs and when the employee resigns. Each employee would have a Dynamis account, the company pays premiums into a smart contract, and if there are no claims, over time the premiums would go down. The employee later receives payouts while looking for a new job, and take the policy to the new employer.
By using s blockchain, it is ensured that severance funds actually belong to the employees and are not held by the company which could change terms.
Founder Joshua Davis put forward his concept of “Peer-to-peer Insurance on the Ethereum Blockchain” in his published whitepaper.
Blockchain in Insurance Articles: