Breaking News

Global Risk Exchange: The Perfect Match for Risk Management

Global Risk Exchange is a decentralized risk management ecosystem which uses blockchain technology in helping individuals, company and organisation in transferring and trading their risk freely. Global risk exchange manages risk by creating risk management tools using smart contract and oracle. Risk management is not a new deal. Traditional risk management industries such as insurance companies are associated with some imbalance due to their centralized nature. Their products are priced and sold within a centralized authority. Due to their homogenous nature, they are often vicious price competition which causes wasteful use of financial and social asset.

Accessing a centralized risk management insurance company require a lot of identification document which might be risky when such Identities are subject to internet leakage. Traditional insurance management is not transparent. Written information can be altered. Due to large and puffy organisation structure of insurance company, Decision making model may not keep up with ever evolving volatile market therefore the overall operation may not be effective. Also traditional insurance sometime conceal insurance contract term and sometime they deceive contract holders.

Global Risk exchange will disrupt the traditional risk management industry by introducing a fair and transparent risk transfer and trading. By using blockchain technology, transactions are securely store in a distributed ledger. Information stored on the ledger block cannot be altered which make it reliable compare to the manual centralized information and data storing operated by insurance company. Smart contract created on the network are automatically executed.

With GRE, everyone will meet their risk management objective through the Platform and they will find risk management contract on the platform. This means anyone using the GRE platform can create risk management contract using existing template and modify it by inserting encrypted personal information to the contract. Also expert users on the platform can be involve in designing risk management contract and earn reward through transaction fees incurred from smart contract.

GRE lessen the insurance value chain and will work in achieving strategic allocation of risks among market users through active market trading. Since the contracts are executed automatically, GRE will reduce cost and maximize order efficiency. GRE platform will facilitate order through decentralized matching engine. All users can trade their risk on the platform within a real time market.

Counter-party risk is completely eliminated on the GRE platform because all the risk management contract will be locked in form of token and these will be distributed based on the final decision by oracle. However GRE platform will charge minute fees which will be used in supporting the development of the platform.

The token which will be used on GRE platform is RISK. RISK is an ethereum based token which can be purchase using ETH and BTC and various cryptocurrencies. As a utility token, RISK can be used in transaction processing and for claiming risk contract. RISK will also be used in payment for transaction fee. Also reward for risk management contract publishing will be paid in RISK token. for more information on GRE kindly visit to read more on global Risk Exchange you can download the whitepaper here

Article Written by

No comments:

Powered by Blogger.