LenderBot allows people to easily enroll in customized micro-insurance simply by chatting through Facebook Messenger. The goal is to insure high-value items (e.g. cameras, smartphones, tablets) between individuals for just a few days, or weeks.
When one person lends an item to another, the bitcoin blockchain serves as the trusted third party in the loan contract. Stratumn provides the tools which establish a Trusted Workflow, where each participant (lender, borrower, insurance company, payment provider) can append signed information to the process. Steps in the process are cryptographically linked together, notarized to the Blockchain, and visible to all parties involved. The blockchain, independent of central authorities, guarantees a stability and immutability of information which to this day had never been attained.
Through a bot available on Facebook Messenger, the lender and borrower will be able to agree on the terms of a loan and digitally sign the agreement directly by interacting with the bot.
LenderBot also integrates a payment solution by Lemon Way. Each step which defines the conditions of the loan and the payment of the insurance contract are notarized in the bitcoin blockchain, and are thus verifiable by all parties in the contract.
By releasing this proof of concept, we seek to demonstrate how the blockchain can be used to secure a workflow to augment the ability for businesses to automate the decision making process.
To learn more, feel free to download our use case book on Micro-Insurance.