iXledger builds system to insure blockchain firms

iXledger has announced a partnership with a London-based broker to launch an open ledger technology insurance product aimed at blockchain firms.

“The aim is to make insurance accessible to blockchain firms and to facilitate the acquisition of insurance as a prerequisite for successful funding and operation in the same way that smart contract audits are deemed mandatory for investment,” says iXledger CEO Ingemar Svensson.

The product offers blockchain insurance quotes and the risk assessment score necessary for placement with underwriters. “Our Blockchain Insurance offering evolved from ongoing discussions with brokers and insurers,” says iXledger Product Director and Senior Underwriter Ciaran Sainty. “We have recognised the need for the assessment tools and data sets required for underwriters to understand risks and developed our solution.”

iXledger claims that the new funding mechanisms within the blockchain community, vague regulatory guidance and new underlying technologies have created a demand for insurance products that protect entrepreneurs as well as investors.

“Yet understanding the associated risks is a complex process due to the lack of risk assessment tools and historical data sets, making it difficult for insurers to underwrite the risk,” it adds.