Review on PAL Network by Robiul Islam
The Future of Insurance for the Unbanked and Crypto assets.
What problem PAL Network trying to solve?
They addresses two major issues. The first problem is that millions of developing countries around the world have millions of people without adequate access to insurance coverage. They aims to reduce the barriers associated with traditional insurance coverage for these individuals. The primary mission behind this project is to use the benefits of blockchain technology to bridge the gap between consumers in developing countries and insurance providers, providing a new level of accessibility to the insurance ecosystem.
The insurance industry in Asia is booming, and if you consider high sensitivity and low impedance for crypto related products in many Asian countries, the potential for incentives is substantial. The upside potential in the fast growing insurance industry is substantial. If they manage to deliver on their promise, this could play a big role in the future of this industry.
Pros
- They are trying to solve the problem of overall security of crypto and insurance of digital assets.
- The team has such an enormous amount of experience that is so significant to this type of platform. This team has experience with many renowned organizations. The team is one of the main power of the project.
- It is one of three startups selected by PayPal for their nine-month incubation program based in Singapore. This speaks for the confidence level of large companies like PayPal. No matter how you feel about PayPal and their position on cryptocurrency, the fact that they are promoting a blockchain project shows that they are serious.
- They are trying to lower the barriers associated with traditional insurance coverage for people in developing countries around the world.
Cons
- Like any project that seeks to disrupt the large industry, such as insurance, the PalNetwork needs to be deterred by the current leaders to protect their centralized business models.
