Verida has announced its partnership with Nimble to enhance Nimble’s decentralized insurance platform and protocol by leveraging Algorand networks. Nimble is most likely to create its democratized or decentralized insurance solution with Verida’s help. The collaboration will offer digital identity, private information ownership, secure messaging, and trusted storage for all its users on the DLT (distributed ledger technology) Algorand network.
Currently, Nimble is functioning on a decentralized Blockchain network stack for an insurance ecosystem that enables customers to participate in the entire insurance process. It also allows users to control private information, be an essential part of the insurance process, and generate considerable yields that provide genuine service and value.
On the other hand, Verida aims to enhance Nimble’s existing tech solutions and provide reliable connectivity to the Algorand network as a blockchain for running stablecoin payments and allowing smart contracts. The decentralized insurance protocol employs trustworthy storage and secure messaging properties of the Verida framework. This has allowed Nimble’s stakeholders and participants to be able to give support to their distinguished value from the insurance-as-a-service model of the Nimble protocol.
Nimble will develop connections to the carrier systems both on and off chains with a robust framework that will enable Nimble members and insureds to exchange information anonymously. It will also let members accept micro and macro payments for such transactions. This concept has been developed recently for insurance, which can potentially lead to more effective claims management, improved risk mitigation process, and enhanced methods for claims recovery.
Adam Hofmann, the founder of Nimble, stated that the Nimble partnership with Verida will create transparent relationships between the insurers and the insureds. According to Hofmann, the new approach also aims to shift from the traditional box. It will form the rails for streamlined insurance processes that allow users to participate in the complete insurance ecosystem. The founder also stated that it would create strong communities that accumulate shared risk, allowing users to take advantage of insurance-as-a-service. At the same time, the yield will remain accessible to all through Blockchain platforms.
Verida’s CEO and co-founder, Chris Were, noted that Nimble’s team realizes their aim for a next-generation insurance solution. Were also stated that the insurance protocol is a critical use case that they have considered while executing the tech stack at Verida.
Nimble is a decentralized insurance protocol, developing web 3.0 and other Blockchain services to support the future of next-generation insurance processes. Developers are given access to information for various use cases, such as single sign-up, decentralized messaging, and trusted storage. Users’ private information may be securely fed into the smart contracts that allow strong connectivity to several chains.
Nimble has developed a unique decentralized system that democratizes important elements of an insurance protocol for multiple-party participation while maintaining consensual, secure, and risk participation.
Nimble remains committed to helping communities by leveraging DLT (distributed ledger technology) to streamline its processes, proper cost efficiency, and enhance incentives. At the same time, it offers access to various insurance coverage.
Coming to Verida, the platform serves as a blockchain network of private data, controlled and owned by the end-users. The approach used here gives incentives to its users to unlock data that is kept on the centralized platforms. It offers a mobile app, Verida Vault, that operates as a crypto wallet and data wallet for its end-users. It also provides personal key management and a user-friendly interface to allow users to interact with supported chains and the Verida network.