Insurer Begins Accepting Cryptocurrency For Premium Payments

Michigan-based Universal Fire & Casualty Insurance Co. has began accepting cryptocurrency for premium payments. “UFCIC is uniquely propelling itself forward as a multi-line, multi-solution insurer by embracing revolutionary technologies, extremely-responsive distribution solutions and customer service portals, distinctive product positioning, and advanced analytics leveraging predictive models, artificial intelligence and Big Data resources,” Timm stated. UFCIC said it is accepting a assortment of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct on the net license and permit bonds and other surety bond items. Tesla had been accepting Bitcoin for car purchases but stopped, promising to resume when cryptocurrency miners attain 50% clean power usage. “Early in the improvement of UFCIC’s innovation plan it became evident that the use of crypto for mainstream customer insurance transactions was not a matter of if, but when,” John Lucker, the company’s chief approach and analytics officer, stated. While demand is growing, lots of economic firms still see cryptocurrency as risky and couple of insurers are prepared to underwrite the dangers. Fans of the sports teams Dallas Mavericks and Miami Dolphins can use bitcoin to obtain tickets and concessions, according to BuyBitcoin. In May, spend-per-mile auto insurer Metromile announced that it would let consumers use bitcoins to acquire insurance coverage or acquire payments for claims, starting later this year. The payments firm PayPal and a quantity of big retailers including Microsoft, Home Depot, Starbucks and Whole Foods accept Bitcoin. The business, which insures compact organizations and presents surety bonds products, says the move is to raise its competitive marketplace position as part of a broader innovation program. The organization claims its payment process is seamless through its portal with the monetary exchange handled by UFCIC’s payment processor. The insurer isn’t the only insurance coverage organization letting customers use Bitcoin to invest in insurance.

Google Scholar7. 56, no. 6 I, pp. Ho, and X. Shen, “GSIS: a secure and privacy-preserving protocol for vehicular communications,” IEEE Transactions on Vehicular Technology, vol. Hubaux, “Securing vehicular ad hoc networks,” Journal of Personal computer Security, vol. 39-68, 2007. View at: Publisher Web page

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We contemplate utilizing Bitcoin public crucial cryptography based on ECDSA for our VDTN situation as an alternative of adopting vehicular-PKI for authenticated vehicular communications. Due to the fact the exchanged message and Bitcoin transactions incorporate signatures verified under the derived public keys, any other entities unauthorized by SM can not join the method. Nevertheless, ordinary Bitcoin public keys are not enough to incorporate trustworthiness from true-world entities into the method. When a automobile and a roadside unit communicate to forward a message and give incentives, they exchange their certified public keys, then the corresponding Bitcoin public keys are derived from SM’s public important. For safe vehicular communications, another safety aspect is anonymity of automobiles which voluntarily take aspect in message store-carry-forwarding communications on VDTNs. Those public keys utilised in automobile to roadside unit communications can be viewed as vehicle’s pseudonyms and do not contain any identity facts of the car even even though the proposed scheme employs certified public keys. The only thing essential to the automobiles in the program is their valid Bitcoin public important to uniquely recognize the vehicle and handle Bitcoin transactions for incentives.

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