Insurer Begins Accepting Cryptocurrency For Premium Payments

Michigan-primarily based Universal Fire & Casualty Insurance Co. has began accepting cryptocurrency for premium payments. “UFCIC is uniquely propelling itself forward as a multi-line, multi-item insurer by embracing revolutionary technologies, extremely-responsive distribution solutions and consumer service portals, exclusive solution positioning, and sophisticated analytics leveraging predictive models, artificial intelligence and Big Data resources,” Timm mentioned. UFCIC stated it is accepting a variety of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct on the net license and permit bonds and other surety bond products. Tesla had been accepting Bitcoin for automobile purchases but stopped, promising to resume when cryptocurrency miners attain 50% clean energy usage. “Early in the improvement of UFCIC’s innovation strategy it became evident that the use of crypto for mainstream buyer insurance coverage transactions was not a matter of if, but when,” John Lucker, the company’s chief strategy and analytics officer, said. While demand is escalating, a lot of financial firms still see cryptocurrency as risky and couple of insurers are prepared to underwrite the risks. Fans of the sports teams Dallas Mavericks and Miami Dolphins can use bitcoin to obtain tickets and concessions, according to BuyBitcoin. In May, pay-per-mile auto insurer Metromile announced that it would let clients use bitcoins to purchase insurance or acquire payments for claims, beginning later this year. The payments firm PayPal and a quantity of significant retailers like Microsoft, Home Depot, Starbucks and Whole Foods accept Bitcoin. The organization, which insures compact companies and presents surety bonds items, says the move is to raise its competitive market position as element of a broader innovation strategy. The company claims its payment procedure is seamless through its portal with the monetary exchange handled by UFCIC’s payment processor. The insurer is not the only insurance coverage firm letting prospects use Bitcoin to invest in insurance.

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And I am concerned that we are injecting extra demand into the economy than the prospective provide of the economy is likely to perform out to be. But in reality, Americans are experiencing perhaps the fastest housing price tag inflation ever. And it is much tougher to clean up than it would have been to avoid. There are transitory elements that go in each directions. For the 1st time ever, a majority of houses are promoting above their asking value … What about the argument from within the Administration that these are blips causing the inflation? And that will produce overheating. And sadly, the inflation information has come in way above consensus forecasts. That filling up the bathtub feels terrific, but if you do not quit it in time, the bathtub overflows. I have expressed the concern for some months now that we are overheating the economy. Housing has been a sector that in the price indices is holding the inflation statistic way down.

Therefore, the blockchain can be viewed as a distributed immutable ledger. In this section, we describe the proposed system architecture to design and style a Bitcoin-based safe and reliable incentive scheme for VDTNs. Moreover, the fairness to a supply location server is assured by exploiting the 2-of-2 MultiSig transaction, in which the signature of the destination server is needed as properly as vehicle’s, so that the forwarding automobile can be allowed to invest the coins provided as incentives after the automobile essentially arrives at the destination point. Anonymity of the cars participating in the communication is guaranteed by the use of Bitcoin public keys, and the vehicles are stimulated to support message retailer-carry-forward from one location to a different place by paying them Bitcoin as incentives. Opportunistic networking applications on VDTNs can be characterized by store-carry-forward communications with the aid of moving automobiles in the circumstance exactly where a direct communication hyperlink is not always probable amongst source to location.

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