What the Blockchain Technology Would Have on The Insurance Industry

Much has been made about blockchain’s utility across different industries. Critics oppose the technology is mere hype, that the alterations it makes is marginal and not worth spending money on. Supporters, on the other hand, willingly acknowledge that blockchain is not the answer being trumpeted in some corners, but also identify that there are use cases where it essentially makes sense. This is why noteworthy resources are being devoted to the study of the blockchain system/technology by some of the world’s major establishments.

Insurance is one such industry, but in fact, blockchain is exactly what’s required to inoculate some revolution into an industry that has not transformed much in decades. From global insurers down to start-ups, we are seeing a wave of new goods and services, everything from flight delay insurance to enhanced risk modelling. What we need to understand what it is about blockchain that makes sense for the industry, if you want to know more, then read on.

Information sharing

Imagine a situation where insurance firms can share customer KYC data instead of having to inspect every individual that requests to buy insurance. It could mean savings of thousands of dollars per customer. Blockchain makes this possible by allowing multiple insurance firms to contribute data to the same decentralized ledger. And because the data is immutable, the insurance companies can trust that it is authentic. One such information are claims records. If insurance companies contribute information to the same blockchain, duplicate claims can easily be detected.

Transparency

Historically, consumer data has been stored behind the walls of insurance companies. Consumers have little in the way of visibility of this data, and instead are given only what the insurance company decides via a portal. And if the information is shared with third parties, the consumer is not notified about it. The open and decentralized nature of blockchain means that consumers will always be able to see the data the insurance company has and what is being done with that data.

Trust

It is not unusual for consumers to mistrust insurance companies. Confusing policy terms, high premiums, and long claims processes all contribute to this. The blockchain, specifically smart contracts, bring trust back into the equation by simplifying the insurance contract and, with the help of AI, automating claims. No human intervention required.

Tokens

One reason the privilege pay-out process is slow is the need for fiat currency cheques or bank transfers. Consumers occasionally wait for weeks for the pay-out to show up in their account. Using digital tokens accounted for on the blockchain answers this problem. Pay-outs can be made promptly and then be re-used to purchase added coverage.

Smart contracts

Smart contracts are programmable contracts devoted to the blockchain. They are independent and, therefore, do not need human intrusion. For the insurance industry, smart contracts enable micro-insurance guidelines to be issued and claim pay-outs to be pre-programmed.

Lower costs

What all of this adds up to is lower premiums for consumers. Personalized insurance coverage has never been so affordable. Hearti is committed to providing the most innovative and hassle-free insurance products to its customers. Blockchain is one of the technologies that will help us get there.

Fraud deterrence

Fraud is a major problem in the insurance manufacturing, costing an estimated 80 billion USD each year⁽¹⁾. Blockchain, smart contracts, and AI can help reduce this figure by demanding info verified by AI from multiple sources before paying out a claim. And the immutability and decentralization of blockchain allows insurance firms to share fraud data.

Ref-

¹http://www.insurancefraud.org/statistics.htm.

The Future of Cryptocurrencies and Should You Invest in Them?

We have already discussed about the history of currencies and the benefits of cryptocurrencies and blockchain, if you haven’t read them already, it is suggested that you do read them before you go ahead with this blog as it is required for you to understand everything written below.

The Future

Some of the limits that cryptocurrencies currently face – such as the fact that one’s digital wealth can be removed by a computer crash, or that a virtual vault may be looted by a hacker – may be overawed in time through technological developments. What will be harder to overcome is the basic paradox that bedevils cryptocurrencies – the more prevalent they become, the more parameter and government scrutiny they are possibly could attract, which corrodes the essential evidence for their presence.

While the number of merchants who take cryptocurrencies has gradually amplified, they are still very much in the minority. For cryptocurrencies to become more widely used, they have to first gain extensive receipt among consumers. However, their comparative complexity likened to conventional currencies will likely deter most people, excluding the technologically adept.

A cryptocurrency that seeks to become part of the conventional financial structure may have to content widely conflicting criteria. It would need to be mathematically intricate (to avoid fraud and hacker attacks) but easy for customers to comprehend; decentralized but with passable consumer safeguards and protection; and reserve user anonymity without being a conduit for tax elusion, money laundering and other reprehensible activities. Since these are arduous criteria to satisfy, is it likely that the most popular cryptocurrency in a few years’ time could have attributes that fall in between heavily-regulated fiat currencies and today’s cryptocurrencies? While that likelihood looks remote, there is little hesitation that as the leading cryptocurrency at present, Bitcoin’s success (or lack thereof) in dealing with the challenges it faces may determine the wealth of other cryptocurrencies in the years ahead.

Should You Invest in Cryptocurrencies?

If you are considering investing in cryptocurrencies, it may be best to treat your “investment” in the same way you would treat any other highly hypothetical venture. In other words, identify that you run the risk of trailing most of your investment, if not all of it. As detailed earlier, a cryptocurrency has no intrinsic value apart from what a buyer is willing to pay for it at a point in time. This makes it very liable to huge price swings, which in turn upsurges the risk of loss for an investor. Bitcoin, for example, plunged from $260 to about $130 within a six-hour period on April 11, 2013. If you cannot digest that kind of instability, look to another place for investments that is better matched to you. While belief continues to be deeply separated about the qualities of Bitcoin as an investment – factions point to its limited supply and mounting usage as price motorists, while detractors see it as just another notional bubble – this is one debate that a traditional investor would do well to evade.

A cryptocurrency that seeks to become part of the mainstream financial system would have to satisfy very wide variety of criteria. While that option looks remote, there is little uncertainty that Bitcoin’s success or failure in dealing with the challenges it faces may regulate the fortunes of other cryptocurrencies in the years moving forward.

History and the Future of Currencies

Our history book provides us with very little knowledge about how our economy came to be. This post aims to give an overview of how the currencies that we know of today, have evolved and go in detail on digital currencies the present talk of the town and what will become of these currencies.

After a long period of time, historians, say that societies discovered that they found it safer and easier to exchange goods with goods- the barter system, instead of going into war with each other, frequently traded, between individuals or societies, for other goods were domestic animals like cattle and goats. With the development of farming in the 8^th millennium grains were added to the list of exchangeable goods.

It is, only after the trade around the extraction of rich metals that the commodity currencies came to be used, the kingdom of Lidia on the western cost of Turkey is said to have crafted coins that were a mixture of gold and silver- “Electrum”. They were standard in weight; ranging from 0.15 grams to about 14 grams, in irregular shapes and sizes. Aside from Lydia, Greece and a few kingdoms and individuals from China that used coins for trade. The innovation of paper currencies, scholars say, can be credited to the Chinese, as they found it to be lighter auxiliary for coins. The momentum of paper currencies took its time to reach Europe. By 1661 banking institutions had been formed and the government of Sweden issued its own state sponsored banknotes. Further to which the Bank of England was formed. From then on various different world currencies came to use and various laws and policies were created to keep counterfeit and various frauds from taking place.

Subsequently, Paper currencies were normalised and newer technologies have come into play to make transactions easier, digital currencies and E-wallets like PayPal and others are some innovations that are playing a major part in reducing paper currencies in the 2010s.

The initial idea for digital cash, even though a failure, in a way paved the path for the cryptocurrencies to come into existence, people have taken a keen interest in its growth and market, with multiple use cases for them, making it the best time to invest and use cryptocurrency, through your digital cryptocurrency wallet. The blockchain technology that cryptocurrencies are formed in make transaction and trading much safer than that conducted through a bank.

If we went with the idea that “History repeats” we could assume that cryptocurrencies are just the beginning in what will be an economic revolution, where we could expect digital currencies that are far more stable will take the crown from bitcoin. As far as blockchain is considered we could see that the currencies of the future will mostly be utility based where there is no centre that regulates the supply of currency and its value, eliminating the possibility of an economic calamity. All this, however, is possible only with the mainstream usage of the present unit of the beginning stage of the evolution, that is cryptocurrency, this can be achieved only by educating the masses on the benefits of the blockchain system and cryptocurrencies.

Benefits of Blockchain Technology and Cryptocurrency

To understand the benefits of the Blockchain Technology and Cryptocurrencies its important for us to understand what they are, This Article aims to provide you with all the information that you need to understand each of these are.

Understanding Blockchain

A Blockchain is, in the simplest of terms, a time-stamped sequences of unassailable record of information that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are protected and bound to each other by means of cryptographic values (i.e. chain).

The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and unassailable ledger, the data in it is open for anyone and everyone to see. Hence, anything that is constructed on the blockchain is by its very nature transparent and everyone involved is responsible for their actions.

Benefits of The Blockchain Technology

Blockchain is taking the world by storm and for good reason! There are plenty of benefits that come with using the technology in place of other current systems. Some of the major benefits that are connected with blockchain consist of the permanence and safety of the data that is stored on the blockchain’s ledger, the continentality and privacy maintained by users of a network with blockchain technology, the lack of a “middle man” due to the peer-to-peer nature of blockchain, the freedom provided by decentralization, the security that comes with distributing the blockchain across all users of the network, and the lower transaction fees that stem from using the efficient technology. Generally, it is quite simple to see why blockchain has managed to become so popular.

Here are some key benefits:

Understanding Cryptocurrency

A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April 2013 when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months. Bitcoin sported a market value of over $2 billion at its peak, but a 50% plunge shortly thereafter sparked a raging debate about the future of cryptocurrencies in general and Bitcoin in particular.

Benefits of Cryptocurrency

Fraud: Cryptocurrencies are digital and cannot be copied or upturned randomly by the sender, as with credit card charge-backs.
Identity Theft: When you give your credit card to a merchant, you give him or her admission to your full credit line, even if the transaction is for a small amount. Cryptocurrency use a “push” machinery that allows the cryptocurrency holder to send precisely what he or she wants to the merchant or recipient with no additional information.
Immediate Settlement: Acquiring real property characteristically involves a number of third parties (Lawyers, Notary), delays, and payment of fees. In many ways, the bitcoin/cryptocurrency blockchain is like a “large property rights database,” says Gallippi. Bitcoin contracts can be designed and prescribed to eradicate or add third party approvals, reference external facts, or be completed at a forthcoming date or time for a portion of the expense and time required to complete traditional asset transfers.
Access to Everyone: There are approximately 2.2 billion individuals with access to the Internet or mobile phones who don’t presently have access to traditional exchange systems. These individuals are primed for the Cryptocurrency market.
Lower Fees: There aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network (Side note: This is the case for now). Even though there’s no bitcoin/cryptocurrency transaction fee, many expect that most users will engage a third-party service, such as Coinbase, making and maintaining their own bitcoin wallets. These services act like Paypal does for cash or credit card users, providing the online exchange system for bitcoin, and as such, they’re likely to charge fees. It’s interesting to note that Paypal does not agree to take or transfer bitcoins.

Now that you have a fair understanding of what blockchain and cryptocurrency are and their benefits, get your hands on some XcelToken Plus and start trading it on one of the 14 exchanges that it is listed on!

Features to Look for While Getting Yourself a Crypto-Trading Bot

To understand exactly what is needed in a Crypto-Trading Bot, it is essential to understand what they are, a trading bot is a software program that networks unswervingly with financial exchanges (often using API’s to obtain and interpret relevant information) and places where you can buy or sell orders on your behalf relying on the reading of the market data.

The bots make these conclusions by monitoring the market’s price program and responding according to a set of predefined and pre-programmed guidelines. Characteristically, a trading bot will analyse market activities, such as volume, orders, price, and time, though they can usually be programmed to suit your own tastes and partialities. Now that you’ve understood what they are and how they perform, here is a list of features that you ought to keep in mind to make sure that you make some profits:

1. Reliability

One of the most significant aspects to deliberate on is the reliability of a trading bots consistency. You would not want to lose on a golden chance just because your crypto bot went offline or at a standstill for some time. You might argue that there is no way to be sure about the reliability of a particular trading bot. However, you aren’t the only one using a bot. Hunt for what the other users who have used a specific crypto-trading bot has to say about its reliability or merely.

2. Security

When it comes to cryptocurrencies, you do not have anyone to blame but yourself in case of a hack. When you start using a trading bot, you are giving the bot admission to your funds. This can be very risky, particularly if the trading bot is very new in the field, there is no telling how safe a specific bot is. So, while selecting a trading bot, do a complete exploration and select a bot that has been widely commended for its safety.

3. Profitability

It all comes down to this vital component, is the bot that you are choosing lucrative or not? A question whose answer is pretty hard to find. The main reason you choose to go with a trading bot is to profit over its profit proficiency. There is no point in by means of a bot that is not lucrative. So, find out the productivity of a bot before you capitalize both your time and currency into it.

4. Transparency

The main reason why cryptocurrency rose to fame is that the whole network is entirely transparent. There is no place for any foul play. The same should be expected even from the trading bot that you decide to go with. Try to select a bot whose developers are extensively known for their work in the community. Transparency not only aids to build trust but also helps you to get in contact with the correct people in order to solve any issue.

5. Ease of use

The whole point of going with an automatic crypto-trading bot is to make the whole procedure of trading cryptocurrencies easy for everybody. A bot which comes with a simple to use interface is the one that is very popular. Being able to regulate the bots with just a limited click of the mouse is to some degree what you should look out for, in the bot that you resolve to use.

Considering all the factors we have compiled a list find yourself a crypto-trading bot that suits your needs and use them to make profits using your XcelToken Plus on any of the 14 trading platforms that it is listed on. This list will be updated in order to make sure that you receive updated information as basic necessities required from crypto-trading bots grow.

Common Mistakes to Avoid While Trading Cryptocurrencies

Many people are now making their way into the world of cryptocurrencies. What attracts them here, simply put are the, excessive amounts of opportunities that the crypto-world has to offer (privacy to profit). Trading beginners tend to be very inquisitive when it comes to cryptocurrency trading. Trading is a type of activity that involves work to extract profits from the trading process. It is essential to develop specific qualities necessary for achieving high competence, particularly, a very analytical and attentive mind.

Those that are new to the crypto world hoping to earn a difference in the exchange rate without putting in much efforts. However, the reality is something that is completely the opposite this makes armature traders extremely disappointed in this kind of activity. Below is a list of common mistakes to avoid while trading cryptocurrencies:

Keeping yourself uninformed will be catastrophic

Anyway, it is you who will spend your money on purchasing cryptocurrencies. If you do not understand the product and its value, but only listen to “experts” from Medium, Twitter or Slack, who tell everyone when to purchase and sell currency, you will get into big trouble and lose a lot of money. If your decision to buy a currency hinge on on the opinion of someone else, then you will have to rely on this view and when selling. Explore the marketplace in which you work.

Don’t put in money that you cannot afford to lose.

As an example, we will bring to the deposit all your available savings, or, especially, loan funds. Not a single person is covered against failures and errors; even professional traders often bear significant financial losses. The stories of newcomers who succeeded not to make any of the typical mistakes at the beginning of the trade route can be called anomalous, or at least unlikely, with independent trading from scratch. Mistakes must be made (not intentionally, of course) because learning from their mistakes is much more effective than on others – this is a characteristic feature of obtaining practical knowledge. The best thing you can do before the start of exchange trading is to minimize the consequences of initial errors in advance. The rest will come with time.

Do not make decisions based on emotions and mis-information

Admittedly, avoiding this mistake can be difficult, especially if you follow the news from the world of cryptocurrency on Twitter with messages like “ABOUT THE LORD, THE COURSE IS GROWING ALL BUYING” or “So it seems that bitcoin has come to an end, it’s better to sell. “Let there be some truth in these reports; it is materially impossible to follow everything at once and, in general, the most patient ones still win. No one in Telegram chats will spread REAL insiders (private information about the prospects of pricing); moreover, even advertised paid channels often give more erroneous information than true. Rely primarily on your experience and recheck the incoming data. And, if you have a plan of action, thought out in advance, it can be fatal to depart from it by shifting moods.

Refrain from selling your coin at peak values

“This is not the maximum, hold and do not sell,” advised experienced investors. The point is that you never know how much a particular token will grow. For example, if you bought bitcoin for $100, you probably experienced an incredible desire to sell it when it jumped to $ 1000. But today you would have regretted it a lot: the ether is already trading above $ 9,000. For selling cryptocurrency, you need a strategy. Set a goal and strive for it, no matter what. Yes, with the fall of the market it will be incredibly difficult to look at how money flows. But is it worth to panic and sell everything at once? The answer is one: no.

Refrain from buying cheap coins without knowledge of the currency

Even before investing funds, it is clear how the currency will develop. If this is not a risky investment, then it is necessary to calculate what the result will be from the investment. A coin can develop, but it can be a fraud. You cannot invest money in currency, just because it is cheap. Many inexperienced users are used to thinking that most of the altcoins with a small price are merely underestimated. This is because there are already many stories of sudden growth in value. But this is not so – not all of the cryptocurrencies are profitable.

Security

This, perhaps, is the most serious error possible in the crypto- community today. Hundreds of millions of dollars were lost because people trusted all their data to a stock exchange that was hacked, or to a service that stopped working. With the development of technology, scammers and hackers do not stand still and where money is free, without sufficient control, those sin for them not to take. Even if you have a little money now, and even if you did not plan to stay in the trade for a long time, you should carefully approach the security of your data: two-factor authentication, use of individual computers, data encryption – are mandatory. You need to write down all your passwords, secret keys, print them and hide in a safe place. Thus, if something happens to your computer, you can restore everything to another device.

Fear of Missing Out

Fear of Missing Out. It manifests itself in situations such as the early sale of an asset due to fear of losing profits, buying at the maximum because of the feeling that you are missing something important, or the fear of misplaced a promising ICO, which is why you are capitalizing in dubious projects. It is the fear of losing the profit most often and leads to the fact that we drop profit. Getting rid of FOMO is tough, but you can fight it. To do this, create a set of rules for trading on the stock exchange or choosing a project, as well as limits on the possible allowable losses and profits. Be above it. It is important to understand that new opportunities in the world of cryptocurrencies appear every day, so relax and let this fear retrocede.

Endurance is the key to trading in cryptocurrency. Do not be afraid to slip any deal – the marketplace is so big and ever developing that there will be sufficient money for everyone. However, make sure you remember that it is easy to make profits on the market, but it’s hard to keep what you have made. Do not let greed and greed get over yourself. Follow this list of mistakes that people make while trading cryptocurrencies so that you can stay ahead of the game.

What Blockchain Technology could solve in Travel Industry?

While blockchain is very much about moving values, it’s also about handling and securing data in better ways. In travel, user profile security and privacy have always been hot topics for XcelTrip. When a company enters into an agreement with a travel management company, airline or other supplier, the company usually needs to give that supplier access to employee data so they are able to provide the expected service.

Whether that process is manual or automated it takes time and effort and creates friction on both sides.

Having information on the blockchain could remove much of the pain on both sides. The companies don’t have to build new API connections between the supplier’s profile database and the buyer’s HR system for every new implementation. And manual profile workflow goes to history.

At this point, most blockchain enthusiasts know that distributed ledger tech has potential beyond fintech. Travel industry which is deals regularly with a number of pain points can be solved by blockchain technology.

Here are some of the more notable issues which blockchain could help to solve: overbooking, fraud, identity and reputation, loyalty and duty of care.

With all these advantages of cryptocurrency in mind find a suitable currency to invest or use XcelToken Plus and book your next journey in cryptocurrency in order to make sure that you reap the benefits of this form of currency transaction.

Cryptocurrency Trading Strategy: Buy-and-Hold Cryptocurrency Trades

XcelToken Plus is an ERC20 token on the Ethereum Blockchain Platform that is created to build, engage and foster a large crypto-community within the hospitality, retail and gaming sectors. XcelToken Plus is now available on 14 diverse cryptocurrency trading platforms where you can use the below cryptocurrency trading strategy:

Ways to Enter Buy-and-Hold Cryptocurrency Trades

Many investors simply buy cryptocurrencies and hold them until they feel it’s a good time to sell. These stockholders often do-little technical examination before incoming trades and may in some cases prefer not to use stop loss orders.

Traders and investors with technical examination skills may prefer to enter cryptocurrency trades after weak or significant price retracements. Other participants like to enter the market on a break of resistance. This adds the benefit of motion sanction.

Buy-and-Hold Tips for Trading Cryptocurrencies

Use larger time frames for technical analysis, for example, daily, weekly, and monthly charts.
If using stop losses, don’t place it too close to your entry.
Leverage should be minimalized or no leverage should be used. Holding leveraged cryptocurrency trades for months or years can be costly.
If possible, take advantage of pullbacks to get a better entry price.
If the uptrend is non-volatile and very strong, don’t wait for deep retracements. At-market entries may be considered in this instance as well as breakout entries.
Keep an eye on vital factors that may influence the long-term viewpoint of the cryptocurrencies you’re trading.

Use the Buy-and-Hold Cryptocurrencies Trades a good cryptocurrency trading strategy while trading with XcelToken Plus on any of the 14 platforms that it is listed on.

Cryptocurrency Trading Strategy: The Balanced Portfolio Strategy

If you need balance in your life this may be the best cryptocurrency trading strategy for you. A balanced portfolio strategy comprises of buying numerous cryptocurrencies, for the same volume across the marketplace.

Say you invest in-

Litecoin

Bitcoin

XcelToken Plus

You have a budget of $900. You’d invest $300 into each coin allocating your asset evenly. This way you’re distributing the risk across the board.

This is a good way to test dissimilar coins, when you’re uncertain of which ones will do well for you or not. You’ll rapidly find out which currencies have the best shot in succeeding. From there you may want to only invest in one or two coins that have given you the lion’s share of profit.

The only disadvantage to this approach is that, for example, one of the coins produces a 10% gain while the other two lose 5%, you would be stuck with no profit, however this is rarely the case. Of course this would work in inverse the opposite could happen as well, so again, you’re fundamentally scattering out your risk across several coins with this approach.

Tip: Make sure each coin you invest in are utilize diverse utilities. For example: one privacy coin, one security coin, one equity coin, etc.

Use the unbalanced portfolio strategy a good cryptocurrency trading strategy while trading with XcelToken Plus on any of the 14 platforms that it is listed on.

Cryptocurrency Trading Strategy: The Unbalanced Portfolio Strategy

The unbalanced portfolio strategy is simply designate a ratio of crypto for investment into each coin solely on how well you think it will do. You’ll assign the maximum percentages to the ones you think will perform the best.

If Litecoin has proven itself to you as the most profitable, then that’s the coin you invest the most into. For Example: Litecoin — 60% ETH — 15% XcelToken Plus — 15% Ripple — 10%

Prearranged fractions are what you would go off of, for each following buy.

This is best suitable for those that have done widespread enquiries into each coin. Fractions for each coin can be altered, but make sure you have an sophisticated motive before doing so.

Main downside for this strategy is foreseeing proportions erroneously and missing out on the best gains.

Use the unbalanced portfolio strategy a good cryptocurrency trading strategy while trading with XcelToken Plus on any of the 14 platforms that it is listed on.