Blockchain is revolutionizing all the industries in the world. The car Insurance is not an exceptional too. In the latest news from Wallebi, Vaiot is trying to implement a blockchain-based AI for car insurance. Now, all the procedure of issuing insurance contracts will be without human assistance.
Vaiot collaborates with IBM
Vaiot is a Malta-based virtual assistant firm. Recently, they are collaborating with IBM’s Watson Assistance in order to use the Cosmos blockchain for issuing the car insurance purpose.
This platform uses an end-to-end sales process. As a result, it doesn’t require any human interruption in order to issue the car insurance contracts. Customers can interact with the mobile app using text or voice in order to find out the insurance options and choose the best deal.
Once the customer signed the contract, it will store on the Cosmos SDK in the form of smart contract. The smart contract will underpin by the Tendermint Protocol. The AI will make the process easier. It means, the moment the payment is done, it will automatically begin the insurance coverage.
Blockchain-based AI for Car Insurance; The IBM Watson
The IBM Watson is an AI computer system, which developed in IBM’s DeepQA project. It has the ability to answer question in natural language.
Vaiot could raise $5.9 million in a private sale by offering 30% of its VAI token. In fact, around 120,000,000 tokens sold out to investors. Christoph Surgowt, the CEO of Vaiot stated that the funds raised from investors will use in order to deliver a product to the customers, which is able to transform how business conduct their processes. In fact, the firm focused to utilize blockchain technology in order to aid legal processes.
The Malta Financial Services Authority also approved Vaiot last month. In fact, they approved them as the first company, which offer regulated digital asset. The Vaiot firm planned to have one more public sale. In the coming sale they decided to offer 2%, which is equivalent to 8,000,000 tokens, to new investors.