Can someone explain Smart Contract based insurance payments?

[Anonymous No.20402966]

I keep hearing this as an example for a use-case Chainlink, but it makes zero sense. You can't just have a smart contract monitoring weather data and pay out insurance money based on that.
Let's say your basement gets flooded. Weather data doesn't say shit about the damage to your house or the cost to repair it. You need someone to come over and assess the damage, measure out the floor space, measure the moisture in the drywall etc etc..
Hell, it doesn't even say shit about whether your house was flooded at all. Your house could be flooded while your neighbor's slightly more elevated house is fine.
This "use-case" sounds like total bullshit to me

[Anonymous No.20402977]

>>20402966
>This "use-case" sounds like total bullshit to me
Because it is

[Anonymous No.20403015]

DOES ANYONE HAVE THE SCREENCAP OF ADELYN SAYING "WERE ALL IN THIS TOGETHER" WHILE ANNOUNCING AN EVENT???

[Anonymous No.20403034]

[Anonymous No.20403054]

Yeah, link is vaporware for chico crypto cult members to spam post about.

[Anonymous No.20403073]

>>20402966
The use case is a very intricate method of introducing cryptocurrency into something that software could do and already does well enough already.

However crypto has a very unique set of fans (I'm one of them), that are convinced that it's going to be the future of something someday and not just a store of wealth/speculative investment like it is now.

That being said, it's highly dubious link truly becomes some sort of paradigm shifting technology. But that doesn't matter on /biz/ because people don't come here to debate utility and esoteric technicals they come here to fantasize.

[Anonymous No.20403103]

>>20403073
>people don't come here to debate utility and esoteric technicals
Can you recommend a place where people go to do that?

[Anonymous No.20403141]

>>20402966
That is literally an example used to convey the basic underlying concept you tard

[Anonymous No.20403147]

Automated flood insurance is no different than betting on a horse race.

There are implicit odds in the horseracing market. If you believe certain particular odds are "undervalued" you can bet for that particular outcome. At an individual bet level you might win sometimes, but in the long run, after a large enough number of bets, from a large enough group of users the bookie wins. It doesn't matter if the race is 900 miles away from you. You can still bet on it.

There are implicit odds in the rainfall market. If you believe certain particular odds are "undervalued" you can bet for that particular outcome. At an individual bet level you might win sometimes, but in the long run, after a large enough number of bets, from a large enough group of users the insurance company wins. It doesn't matter if the rainfall is 900 miles away from you. You can still bet on it.

[Anonymous No.20403191]

>>20403141
Why would they use an example to illustrate a concept to which said concept doesn't apply?

[Anonymous No.20403211]

>>20403147
Your comment is little better than word salad. Did you even read the OP?

[Anonymous No.20403284]

>>20403103
If you continue posting your question here, there are a few who will chime in, but you have to monitor your thread for hours before getting an actual response to your question. They aren't the happiest bunch of people either, they are very defensive. Reddit? Crypto forums? A lot of it is garnering tidbits here and there for a while. Not really any great unbiased sources that I know of.

>>20403147
You just explained the concept of how gambling is similar to insurance, but has nothing to do with OP's questions.

[Anonymous No.20403313]

>>20403284
>dig through piles of shit to find nuggets of gold
Fair enough

[Anonymous No.20403336]

>>20402966
OP smart contracts would replace about 3 peoples salaries that would have otherwise been needed to pay it out.

every company in the future will have APi's

just like how every business now a days has a website.

not every company will benefit greatly from said API's

but insurance companys WILL benefit greatly, it will streamline things. make things more efficeint and replace a few pencil pushers.

but yes inspectors will still be needed.

[Anonymous No.20403463]

>>20403211
Let me try and dumb it down for you.

https://en.wikipedia.org/wiki/Insurance_policy

>In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.

>The insurance contract or agreement is a contract whereby the insurer promises to pay benefits to the insured or on their behalf to a third party if certain defined events occur.

Does a homeowner believe the benefit/premium ratio offered to him in the case of rainfall exceeding <a certain amount> in <somewhere> by an insurance company is worth it?

What are insurance companies willing to pay for (benefits) in exchange for an upfront payment (premium), in the event of rainfall exceeding <a certain amount> in <somewhere>?

When the answers to these two questions meet, you've got an insurance transaction. The end.

House damage or no house damage is irrelevant. You can purchase an insurance policy against rain in the Sahara exceeding 3mm tomorrow of you think the benefit*probability outweighs the premium. Do you own a house there? I hope not. Does it matter? No.

[Anonymous No.20403510]

>>20403336
Not every company needs API's.
Also, software can do this. There's no logical reason to attach insured crytocurrency positions into it.

[Anonymous No.20403511]

>>20403284
>similar
More like is

[Anonymous No.20403537]

>>20402966
Holy fuck linkies btfo I can't believe no one discussed this in three fucking years!

[Anonymous No.20403578]

>>20403463
>of you think the benefit*probability outweighs the premium.
Should say;

>If you think the benefit*probability outweighs the premium.

Sorry for the typo, phone posting

[Anonymous No.20403588]

>>20402966
>This "use-case" sounds like total bullshit to me
almost as if it's not what you explained

[Anonymous No.20403596]

>>20402966
i dont think smart contracts are actually useful for all cases of insurance payments, only pretty specific cases. Its not going to disrupt the entire insurance industry, its just a useful way of establishing secure insurance agreements for something like a flight being canceled or other such instances where the data is available and readily siphoned into a smart contract. In your example, smart contracts arent really useful i think youre right

[Anonymous No.20403606]

>>20403463
Hahahahahaha. Dude you're joking right? That's not how insurance policies work. I feel stupid spelling this out, but in your scenario people would buy flood insurance based on rainfall, not actual flooding. You actually believe insurance companies would go for this? Don't you see the obvious flaws?

[Anonymous No.20403626]

>>20403588
it's too late for me to explain this to you. I'm going to sleep.
Think about independent assessors submitting the data, but which SC network do they want to use and do they want to maintain infrastructure on multiple networks or just use the catchall that works with all the networks

[Anonymous No.20403722]

>>20403606
>You actually believe insurance companies would go for this?
That’s like saying “you actually believe blockbuster would go for something like Netflix?” It’s not about the insurance companies going for it, it’s about if it fills a need for consumers, I feel stupid spelling this out

[Anonymous No.20403747]

If you’re interested in chainlink and unsure of potential use cases of smart contracts in the future
Search sergey nazarov on a podcast app and listen to some of those, recent baselayer with Tom gonser is good

Biz better for fun memes than discussion lmao

[Anonymous No.20403748]

>>20403722
Blockbuster in fact didn't go for netflix so chainlin might be faced with the same problems

[Anonymous No.20403782]

>>20403748
>chainlink is a company
Wew

[Anonymous No.20403820]

>>20403606
>hahahaha

https://www.scic.ca/ci/weather-based/forage-rainfall-insurance-program

https://www.farmbureausellscropinsurance.com/insurance-plans/ri-policies/annual-forage/

[Anonymous No.20403837]

>>20402966
>all insurance is house insurance

You stupid chimp.

>Car insurance payments tagged to Chainlinked automobile sensors
>Crop insurance payments tagged to Chainlinked meteorological sensors
>Options insurance tagged to Chainlinked market oracles

[Anonymous No.20403847]

>>20402966
chainlink is a backend infrastructure.

[Anonymous No.20403860]

>>20403782
> Chainlin is an open source scam
fixed and wew

[Anonymous No.20403866]

>>20403626
Years ago I got in a car accident. An estimator came to look at the car and assess the damage for insurance.

A few years later, I took a few pictures and sent it to an app where I'm sure an estimator did his job much easier.

In the future it could be AI that assesses the pictures.

But at no point does there need to be a cryptocurrency middleman that acts as insurance in case the data is compromised/inaccurate.

The insurance company doesn't need it. They have their own custom software that they use and don't need to connect all of these transactions to this "catchall" crypto landscape. In fact, there isn't even a strong demand for this, connecting "everything" in this way is a niche market.

AI/code is the future. Utilizing blockchain in these methods is just a way to force the technology in when it doesn't need to be.

[Anonymous No.20403873]

>>20402966
Imagine a world where the insurance adjuster is a randomly peer-reviewed unbiased third party instead of a shill for the company.
/thread

[Anonymous No.20403876]

>>20402966
its for deterministic cases with only binary outcomes

ect. Flight was delayed, it either was or it wasn't.

[Anonymous No.20403911]

https://www.youtube.com/watch?v=7Jnhp86mfwg&list=PLxmhMSa49Q1CVwTdcUNeoqoME6GRwtSTA&index=2&t=0s
> Wolpert @27:18: "if anyone wants to get involved in the project even if it's just spellchecking"
kek

[Anonymous No.20403931]

>>20403820
non-believers in information asymmetry and the law of large numbers eternally btfo

[Anonymous No.20403934]

>>20403748
what do you mean? blockbuster was outdated, netflix took over. modern insurance is outdated, blockchain will lead the way

[Anonymous No.20403938]

>>20403911
You don’t need to fud anymore, the cats almost out of the bag, we have secured our stacks and some will never stop buying

[Anonymous No.20403940]

>>20403820
Dude you're not getting it. I'm sure there are policies for all sorts of specific variables. The market for the scenario you brought up is incredibly minute.

The vast majority of people aren't going to buy flood insurance based on inches of rainfall (or any other system of raw numbers) these insurance policies will pay out if your house actually floods. FFS.

[Anonymous No.20403973]

>>20403510
not every company needs API's YET. not every company needed websites just a decade ago.

right now chainlink is in its infancy.

we are focused on payments.

did they know 20 years ago what the world wide web would do to humanity?

no they used to just send emails

[Anomynoose No.20403977]

>>20402966
https://etherisc.com/#products

Read this OP, with special attention to their flight insurance because it's already functioning and licensed. This is an actual company creating decentralized insurance, and they are associated with Chainlink.

[Anonymous No.20403992]

>>20403934
There is no doubt in my mind that data properly used by DLTs will be revolutionary. People think that targeted ads are the best thing we can do with data but just wait. We have to get the existing data hogs into hot water first Twitter is in it now.
>>20403938
after all these years I might have to go to a clinic for /noLinkFud/

[Anonymous No.20403997]

>>20403973
This is just poor rhetoric.

You could literally insert any emerging technology in for chainlink and make the same dead argument.

[Anonymous No.20404006]

You act as if tons of rain can fall and your house can not flood or as if no rain can fall and your house can flood. We already know how much rain needs to fall for damage to be done, and you decide the payout before hand. Simple.

[Anonymous No.20404008]

>>20403940
>force the technology in when it doesn't need to be.
You’re getting stuck on this notion when really no one is forcing anything. Just because decentralized insurance doesn’t make sense in all situations doesn’t mean it doesn’t have its place. Just like how defi doesn’t make sense in all situations, but still makes sense in some sense for a lot of consumers.

[Anonymous No.20404027]

>>20403866
yeah youre right, smart contracts are for niche insurance cases unless somehow theres a clear competitive advantage for companies to start using smart contracts for all sorts of insurance payouts. The whole insurance thing being the spark of blockchain tech being used in the world is kind of dumb imo. It's the defi applications that are going to change shit big time, and novel insurance contracts are small potatoes pussy shit compared to defi and just all the insane amounts of money to be made on disrupting legacy financial systems. You are going to see the biggest green dildos of your life due to defi applications of link alone. so in conclusion, who gives a fuck about insurance payouts?

[Anonymous No.20404044]

>>20404008
>but still makes sense in some sense for a lot of consumers

Agree. But there are some pretty stupid arguments in this thread and I just call out BS when I see it.

[Anonymous No.20404075]

eth builder here. chainlink seems best to me as connecting to some trusted third party data source like kyc rails. oracle problem is very real and very glossed over.

[Anonymous No.20404088]

>>20403997
You actually can't. Links designed to be a system standard oracle like MS paint is a standard on all windows computer.

[Anonymous No.20404105]

Insurance company receives flood claim. 3 different robot droid inspectors deploy to the site. Each droid is running its own node. They each inspect the site and estimate the cost of repairs that data is published to node and the smart contract averages out the 3 different estimates and fulfils the contract and automatically sends a check.

[Anonymous No.20404115]

>>20404088
so it's like a shitty meme for shitty throat singing websites?

[Anonymous No.20404144]

>>20404115
no it's something like what he said
>>20404105

[Anonymous No.20404160]

>>20402966
You can't imagine how insurance works with smart contracts because IoT isn't close to mainstream yet. Home insurance could be tough to pull off but auto insurance will be straightforward enough.

[Anonymous No.20404197]

>>20404027
Yes but again I just don't see why these transactions need to be linked and covered by a bunch of cryptocurrency validators.

It doesn't seem very intuitive that Link becomes this net that somehow securely ties all these various transaction. Software does that. People keep forcing crypto into it and it's simply for their investments. Unless we encounter some sort of catastrophic situation where traditional transactions are being compromised left and right and require blockchain technology to guard them, I see little use case. And even then, hackers have hacked crypto (even Bitcoin) and as long as it's on the network, people will find a way to hack it.

[Anonymous No.20404199]

>>20402966
you're missing the point entirely. LINK isn't being created to replace people, it's being created to replace unreliable people/ unreliable data. in the same way, BTC wasn't created to make currency as a measure of value disappear, but replace an unreliable form of currency. the only reason these two things would fail is if powerful people stand to profit from unreliable data and unreliable currencies. oh wait...

[Anonymous No.20404216]

>>20404044
What's your opinion on the potential of chainlink to automate credit swaps? It sounds like something with potential, but it's not an area I have any training or formal education in, so my judgement in that area isn't to be trusted.

[Anonymous No.20404237]

>>20404105
Again, software, code, computer instructions. You don't need a fucking cryptocurrency tied into this FFS.

[Anonymous No.20404256]

>>20404237
cryptos quicker and universal unlike USD

[Anonymous No.20404294]

>>20404199
based dubs

[Anonymous No.20404310]

>>20404199
xrp

[Anonymous No.20404367]

>>20404237
What if that insurance company had no overhead with no employees? What if it just existed only on the blockchain by a series of smart contracts?

[Anonymous No.20404417]

>>20404367
mind = blown

[Anonymous No.20404441]

>>20402966
the insurance policy installs sensors in the home retard. ??? IoT

[Anonymous No.20404447]

>>20403015
At the end of the Smartcon announcement blogpost, back when it was gonna be in May

[Anonymous No.20404472]

>>20404256
Well USD is dependent on the third party. VISA is pretty slow. BTC is slower. Network speeds matter. Unless the transaction is instantaneous, no one can a crypto transaction as a pragmatic payment system because of the markets volatility. This is why there's $8B in XRP, because theoretically it's relatively instantaneous, int'l payments faster because banks close, etc. However nobody uses XRP. Crypto has a long way to go. Emerging technologies can upset this as well. Most centralized corporations don't want less power (theoretical defi), they want more.

>>20404216
I know next to nothing about swaps but something like this that which deals more in raw numbers is much more prudent for something like link to handle. But again, I don't see the necessity of the cryptocurrency implementation.

[Anonymous No.20404491]

>>20404441
imagine being a criminal in the future and fucking with sensors for profit

[Anonymous No.20404578]

>>20404441
also the person has digital assets in their home generated by their data they produce and sell. depending if they use solar panels they general energy credits.

The allows the accountability of replacement for all of the items, itemized independently.

Each sensor is an item, is a node, supplies data to the network. The network is powered by people staking chainlink (obviously because the point of 3rd gen crypto is to use the massive hashrate&network of btc for "something more universal."

Data inputs are the whole point.

[Anonymous No.20404621]

>>20404491
I mean the network is tolerant to a node malfunction entirely. The malfunction of a node requires human intervention.

[Anonymous No.20404626]

>>20404367
Sure, but mom and pop insurance companies that can't afford software specifically designed for them (this is assuming chainlink will be less expensive) represent a small amount of the market.

The amount of insurance policies that pay out based on basic equations is very little I would imagine. And I would argue it would be less lucrative for them to design policies in this way - considering they like to fight tooth and nail to not pay out.

You are hinting at automating our entire landscape via technology which is definitely the future we are headed towards. But the future of technology isn't necessarily reliant on blockchain, it has never needed it, and may never need it.

[Anonymous No.20404639]

>>20404441
>>20404578
imagine willingly installing jew sensors into your fucking house to let them monitor every aspect of your fucking life

"alexa, fuck me in the ass" - u

[Anonymous No.20404642]

>>20404621
yep and I'm interested to see what organized crime looks like decentralized beyond ideas of an assassination marketplace

[Anonymous No.20404745]

>>20404626
>But the future of technology isn't necessarily reliant on blockchain, it has never needed it, and may never need it.

Which has precisely zero bearing on whether it will rely on blockchain. Blockchains are useful, so they may see use.

[Anonymous No.20404768]

>>20404626
Nice FUD

[Anonymous No.20404789]

>>20403147
This guy know his insurance. In the biz we call it the law of large numbers. The house never loses

[Anonymous No.20404794]

>>20404639
you have a smartphone

[Anonymous No.20404822]

>>20403211
U r a moron go read a book on how insurance works. I bet you think health insurance is better when it’s linked to your job too

[Anonymous No.20404841]

>>20403284
That’s not what he did you dunce gambling IS insurance.

[Anonymous No.20404939]

>>20404745
I'm saying that it doesn't logically follow that crypto needs to be implemented into basic software instructions, a priori. It has bearing because the best predictor of future behavior is past. Bearing because there is no widespread demand for this sort of crypto backed transaction. Bearing because I've never (besides here) heard of any situations in which bad or compromised data used in data retrieval is an actual problem. With a market cap of $3B of whatever it is, seems like a fucking fuckton for a startup with a few employees.

>>20404768
Thanks, I actually believe the crazy things I say.

[Anonymous No.20405016]

>>20404841
You didn't process what I wrote and how it related to the OP's post, which had to do with specific and non binary conditions that insurance companies require for a policy to be processed.

Name me an insurance company that will pay out flood insurance on your home based on rainfall alone. Yes, there are the rare unconventional cases, but numbers alone aren't enough to dictate. It's not as black and white as that.

[Anonymous No.20405132]

>>20402966
I can plug a semen indicator in your ass that will notice your health insurance about your risk of getting aids

[Anonymous No.20405165]

>>20402966
Right now the main use case for insurances is rainfall in the sense of rainfall insurance for farmers, which can already be settled very easily with meteorological API data. In the future, as availability of data becomes more prevalent (4IR), this can extend to anything.
China, for example, already has enough surveillance data that oracles should be able to decide if your house itself has been damaged. The understanding of this gradual merge of the physical and virtual is the key to understanding the scope of Chainlink in the long term. Everything you described being doing by a human will eventually be done by algorithms that have to stake LINK tokens.

[Anonymous No.20405181]

>>20402966
First step is to implement Iot devices everywhere. from your coffee pot to Styrofoam dildos
next step is to spray aerosols of nanobots that will monitor the entire earth under the control of a omnipresent AI-god

[Anonymous No.20405194]

>>20405165
>Everything you described being doing by a human will eventually be done by algorithms

fixed

[Anonymous No.20405214]

>>20402966
>This "use-case" sounds like total bullshit to me
You figured it out dude

Just plan your swift exit correctly/get lucky, that's the entire strategy behind this "investment"

[Anonymous No.20405241]

>>20402966
I'll make you a smart contract
>Dildo with PH-measuring head
>If PH > 6 order vagisil
>Notify smartphone: TIME TO DILATE

[Anonymous No.20405252]

>>20404626
It's not designed for mom and pop insurance companies, those won't exist in the future. They more than likely won't even survive this year with the way things are going. The only way for there to be Smart Cities is smart tech, smart tech is in development. Chainlink is meant for smart contracts, it will automate and remove waste for BILLION dollar industries. There is no reason why they would not adopt chainlink, if anything they are already beginning to adopt it.

[Anonymous No.20405280]

>>20405252
Give me an example where processes that can be automated by code, need to be backed by a cryptocurrency.

[Anonymous No.20405284]

>>20405241
This doesn't require a token and it doesn't even require a blockchain. You guys seems to think you invented the concept of conditional instructions.

[Anonymous No.20405317]

A more realistic example is Airline flight insurance.
Before paying out, the smart contract needs to know whether to flight was canceled or not, so you'd have a Chainlink to provide that information.
But you can also imagine conditional factors on the insurance payout. Maybe the contract has a exception for cancellations due to bad weather. Rather than just take the Airline's word as truth, you could take data from a Chainlink which is providing data about the weather. You can imagine many other conditional factors in this insurance contract, and each of them would require another Chainlink to provide the information to confirm that. Not enough passengers to justify the flight, mechanical failure on the plane, an unannounced nofly zone which shuts down all flights in that area.

Now use your imagination and apply this same pattern to more business domains.

The beauty of Chainlink is that contract writers will have an ENTIRE MARKET PLACE of data sources to use in their contracts. They don't have to do any work, they just pick and choose information sources and plug them together like lego blocks to craft the contract they need. This is where people are getting mixed up on Chainlink. They are viewing it on a 1-to-1 ratio of data source to data client.

Stripe is worth $35 billion for providing a simplified payments API. Chainlink is providing a simplified API for ANY DATA SOURCE YOU CAN THINK OF.

I'm literally spoonfeeding you the future here, if you can't see the big picture by now then I can't help you. Do your future self a favor and buy some god damn LINK.

[Anonymous No.20405331]

>>20405284
The law of large numbers, then you will see the token purpose

[Anonymous No.20405332]

>>20405280
they don't need to they just will. why would anyone buy a giftcard for a restaurant when they could just give them the money personally for the food? it just works jack. It allows it to be a global standard. Should it be backed by gold or oil ffs? Crypto makes sense

[Anonymous No.20405333]

>>20405280
When you don’t trust the centralized authority paying the claim to do the needful. Many insurance companies operate what is called a “denial engine” in which they try to deny providers their fees and the customers their reimbursement. Under a smart contract based insurance, given assurance against abuse and fraud, you could operate a DeFi pool that you contribute to and instantly get reimbursed for with satisfactory proof. No waiting weeks no bullshit. But I acknowledge that’s a fantasy right now with desperation and greed leading to massive fraud and abuse of this system. But look at blue cross the CEO banks 50 million a year, don’t you think that’s a hefty sum given the massive denial engine they’re using to bleed providers and patients alike? There is a use case just very early right now. Corporations are the problem not there code.

[Anonymous No.20405340]

>>20404197
what is the cost to assure trust

[Anonymous No.20405378]

>>20405317
>writers will have an ENTIRE MARKET PLACE of data sources to use in their contracts.
They already have that, it's called The Internet, data sources are also known as "websites" or "databases" or "servers".

[Anonymous No.20405408]

>>20405378
Stay poor

[Anonymous No.20405430]

>>20405378
>what is decentralization

[Anonymous No.20405450]

>>20405408
remember to hold through the rug pull

[Anonymous No.20405452]

>>20405378
>>20405378
>They already have that, it's called The Internet, data sources are also known as "websites" or "databases" or "servers".
...whose data can't be reliably accessed in smart contracts without something like Chainlink. It's about getting the data on-chain for reliable decentralized automation using smart contracts, brainlet

[Anonymous No.20405473]

>>20405284
Ill make you another smartcontract

A man with a stick puts it in his cows dick
the indicator in the cows dick alerts the insureance company that it has been raped
the insurance company pays out

another farmer has two cows with two dicks with three indicators in them
one of the dicks get raped but one of the indicators like it and dosent report the rape

since theres already two nodes reporting rape the third node get a penalty and will become less reliable in the future

next time the dick gets rape we know that the one node is bad degenerate and wont report

and we now have two reliable nodes

[Anonymous No.20405504]

>>20405452
>whose data can't be reliably accessed in smart contracts without something like Chainlink

why not?

[Anonymous No.20405593]

Nulinkers are finally waking up to the fact purely deterministic contracts are actually extremely rare, and that the vast majority of contracts have qualitative elements which cannot be evaluated based on binary truth.

This is why alot of OGs have bought Kleros. Deterministic contracts do exist - such as gambling, purely financial, but are indeed rare which is why the team cannot come up with any more examples apart from flight insurance after 3 years.

[Anonymous No.20405730]

>>20405473
Sold 100K
Issue with this game theoretical approach is, even if assuming that all players are intensified to act honest all the time, it should still be fairly easy to profit from turn one griefing in games with less players; and jumping around games should be fairly easy unless their will be a quasi centralized Know your Node approach.

[Anonymous No.20405751]

>>20405317
You're forcing crypto into it, when it just doesn't need to be there.

You can create a system that interacts with these various API's, simply collecting the data from them and then making a decision based on that data. You don't need to fucking buy a volatile cryptocurrency/stake coins/purchase a validator.

You're forcing crypto into it. Your example of flight insurance, so, where are the validators getting all of this information on the no-fly zone? The mechanical failure? Pooling together data from trusted company API's doesn't require Link which turns into a useless middleman with niche utility.

[Anonymous No.20405835]

>>20405751
lol this is even more retarded
You are basically incentivising bad behavior from the start. It is highly profitable in the game you propose to switch between honest and dishonest behavior with little to no possibility for honest players to retaliate

[Anonymous No.20405913]

>https://www.iii.org/article/understanding-crop-insurance
Now consider that the majority of jurisdictions in the world don't have competent enforcement of insurance contracts. You can imagine how a DeFi protocol can fill this gap.
>data doesn't say shit about the damage to your house or the cost to repair it. You need someone to come over and assess the damage, measure out the floor space, measure the moisture in the drywall etc etc
If only openlaw was building tools that integrate into the Microsoft Office suite, it would be so easy to get these assessors on-chain.

[Anonymous No.20405937]

>>20405751
Late to this gayass thread but I'll reply to you pleb tier fud just to help the new niggers. Firstly, physical damage insurance is a small portion of all insurance. In a car accident the hospital bills are far more costly to the point most insurance companies literally don't give a fuck about a totaled car or not. It's inconsequential and factored in as a calculated loss. Damage claims won't be the first, but will still be third part inspectors filing documents and the insurance company deciding what to do, but that "insurance company" will be a fully automated contract that replaces a team of 10 office drones that make 80k+ a year (and another 5 support staff for them). Not an important usecase, good fud if you strawman enough.

SCs will replace any and every job that consists of a human sitting on a computer making a decision or interacting with a program with a finite number of choices. Why blockchain instead of private deployments from hundreds of hired devs with server/it overhead and 3+x redundancy? Because a SC costs 5 cents to do the same thing, with open source code, with 1 coder in an afternoon. No massive infrastructure or pajeet costs. No running 3 different data centers on 3 continents and 2 cloud backups. A couple if thans and some gas money.

That's why dickhead.

[Anonymous No.20406004]

>>20405504
You have to be fucking around. Do you not understand how smart contracts work? Smart Contracts can't access off-chain data without Oracles. Do you not know what oracles are is and why they're needed for most potential meaningful decentralized applications (and that no one would ever put something significant at stake with something as centralized and unreliable like Oraclize)?
You'd be better off arguing against the actual usefulness of smart contracts and decentralized applications in general than saying dumb shit like that (although you'd still be wrong).

[Anonymous No.20406209]

>>20406004
I could write a program that pulls data from sources S1 and S2 securely, verifies conditions C1 or C2, and makes bank deposits to Person P or Company C. Everything using public-key encryption and checksums. I don't why I'd ever need blockchain, cryptocurrency (if I did I'd fork some other project and create my own) or chainlink specifically.

[Anonymous No.20406228]

>>20406209
and nobody could stop you from selective scamming. No thanks, can't trust you.

[Anonymous No.20406320]

>>20406209
>>20406228
Exactly, do this for me on a shared tamperproof ledger. Is this your first day?

[Anonymous No.20406351]

>>20406228
Besides the police.

[4545 No.20407161]

>>20405333
under rated trips