Blockchain for Entrepreneurs, Independent Contractors and Sole-proprietors

April 18, 2018

If blockchain is the future of business, how can we help those who don’t consider themselves as part of the business community yet still contribute to the improvement of our society? We are told  to follow our hearts yet despite the abundance of positive messaging, outside close friends and family, there is little support for those who do.

At Quantaloop, we plan to change this. We are creatives, and artists and entrepreneurs, as well as business owners, and know the financial burden placed on passion careers. There is always a shortfall of funding for passion careers – independent artists, teachers, coaches, musicians… we need to empower those who empower others.

Blockchain can help create a better quality of life for all.

Our plan is to package insurance and group benefits giving independants easy and affordable access to benefits that most in the workforce already enjoy. As blockchain moves into and improves the delivery and tracking of insurance services, we want to pass the savings onto those who need it and will be working with insurance companies to provide, accessible affordable insurance packages. It’s our way of giving back to those who give to us. 

The problem: Independent contractors, entrepreneurs and sole-proprietors, especially those in health and wellness professions such as yoga teachers, don’t have access to group benefit plans and often require liability insurance. They are often intrinsic to the health and vibrancy of their communities yet receive little or no outside support.

They require:

  • Access to a group benefits pool
  • One-stop online shop for liability and benefits packages
  • Simplified claim procedures
  • Marketing targeted specifically to them (currently nothing exists in this regard)
  • Easy application and approval procedures
  • Administers by fellow independents who understand and empathize with their unique needs
  • The potential to tokenize premium and claim payments and hold them as digital assets

This is an industry that relies upon stability, trust, and transparency. These are some of the very core benefits of blockchain. Worldwide there are up to 2 billion people not served by the current model. By reducing fraudulent claims, using big data to speed up application and claim procedures and utilizing crypto tokens as a secure and reliable means of exchange, blockchain can lower the costs of insurance by up to 30%.

From an article in Digitalist Mag Oct. 5/2017, “While advances in technology have helped minimize issues in some aspects of the insurance sector, it has created new challenges in others. More digitized personal information is accessible. Third-party payment transactions and claims made through personal digital devices are increasing. Compliance issues are more complicated than ever, and the sheer cost and security of moving money digitally is a growing concern. More data is available, but it is challenging to manage, share, and monetize. The potential for fraud is greater than ever. McKinsey & Company says five to 10% of all insurance claims are fraudulent, and the FBI says this results in more than $40 billion in costs to U.S. non-health insurers per year.” The potential for blockchain technology to transform the insurance industry is massive. Bringing affordable insurance to groups underserved by the current model is a priority.

“Through its use as a public ledger, blockchain will eliminate suspicious and duplicate transactions, limiting fraudulent claims. As higher levels of trust are established between insurers and the insured, claims management will be handled more efficiently. Access to Big Data will make risk assessment more timely and accurate. It will allow for the development of new products. Reinsurance contracts will become more transparent and capital will be moved more efficiently. Even complex compliance issues within the industry will be more effectively addressed.”