HMS (Hi Mutual Society) is looking to solve world problems using blockchain and insurance. Blockchain with Insurance are quite significant but there haven’t been any application scenarios so far.
HMS firmly believe that mutual support with insurance is a superb marketing scenario. Insurance is important to spread risks via mutual aid. Also, blockchain technology is highly functional in the provision of efficiency and transparency in the fields.
The head of operations at HMS, Arthur reiterated that:
“HMS (Hi Mutual Society) hopes to build a global mutual support community on the blockchain. First of all, starting with To Clients business, HMS will launch different mutual support plans based on different mutual support plans on different scenarios, such as mutual plan with sickness, mutual plan in bad weather, and mutual plan in disasters. These mutual support plans are similar to standard insurance policies, except that they are not ‘rigidly redeemed.’”
The Norms of HMS
The HMS team will create Hi Mutual certificates (HMC) to make the platform run smoothly. Members are required to obtain HMC to participate the HMS mutual support plans.
A user must get a certain amount of HMC to be eligible to join a specific mutual support plan.
Participants who take part in the project will receive equal shares once the problem condition is triggered.
For those who have already joined a mutual plan, once their HMC balance goes lower than the minimum requirement for a single payout, their membership will be temporarily closed.
Client-end users will use the platform via a distributed application (DAPP).
With the DAPP, users can join a mutual plan, manage their accounts, upload documents and participate in general community operations.
HMS will create an ecology of mutual support where third parties will be able to develop their mutual support contracts in the contracts ecosystem. Once the DAPP is fully functional, HMS will make its source code available and provide a unified user system, IM, token account and other modules on the platform. Third parties only need to edit the smart contracts on HMS according to the underlying logic.
The CEO is of the opinion that HMS will be of more significant benefit to users than other legacy insurance platforms. Some key benefits of HMS include:
– High level of transparency and credibility. This is made possible since all operations are handled by blockchain smart contracts. All transactions on the system are transparent and cannot be modified. The system is also very secure from external attacks since its built on the blockchain.
– Reduction in cost of operation. This is made possible due to the power of blockchain smart contracts. Blockchain eliminates third parties entirely.
– Shorter claim settlement times.
– The highest level of data security. This is possible due to the decentralized method of information storage. The HMS system stores all information on the blockchain in an encrypted format and uses private keys to authorize the smart contracts.
HMS is Global
The platform is built in such a way that encourages the globalization of users. Third parties are welcomed on the system. They can set up their mutual support plans. Arthur sees this as a viable tool for market expansion. He said that:
“In the past two years, the number of domestic mutual support plans has grown to about 50 million, of which only some are original insurance users, and more are new users brought by institutional optimization.
The obvious trend is that token can break through the original boundaries of insurance, so I think there is a huge potential user base for mutual support markets.”
The team consists of 15 people who take care of products, operations, and technology. QFund and Circle are in charge of the core team.
For more information visit www.hms.io
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