Insurer Begins Accepting Cryptocurrency For Premium Payments

Michigan-based Universal Fire & Casualty Insurance Co. has started accepting cryptocurrency for premium payments. "UFCIC is uniquely propelling itself forward as a multi-line, multi-product insurer by embracing revolutionary technologies, hugely-responsive distribution solutions and client service portals, exclusive item positioning, and advanced analytics leveraging predictive models, artificial intelligence and Big Data resources," Timm stated. UFCIC said it is accepting a variety of cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct on-line license and permit bonds and other surety bond solutions. If you loved this write-up and you would like to acquire a lot more details concerning ada coin Price kindly take a look at our own site. Tesla had been accepting Bitcoin for automobile purchases but stopped, promising to resume when cryptocurrency miners attain 50% clean energy usage. "Early in the improvement of UFCIC’s innovation strategy it became evident that the use of crypto for mainstream consumer insurance transactions was not a matter of if, but when," John Lucker, the company’s chief method and analytics officer, said. While demand is growing, lots of economic firms nevertheless see cryptocurrency as risky and handful of insurers are willing to underwrite the risks. 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 customers use bitcoins to obtain insurance or receive payments for claims, beginning later this year. The payments firm PayPal and a quantity of big retailers including Microsoft, Home Depot, Starbucks and Whole Foods accept Bitcoin. The corporation, which insures small businesses and gives surety bonds goods, says the move is to increase its competitive market place position as portion of a broader innovation strategy. The corporation claims its payment course of action is seamless by means of its portal with the monetary exchange handled by UFCIC’s payment processor. The insurer is not the only insurance business letting prospects use Bitcoin to acquire insurance coverage.

S.-B. Lee, J.-S. Park, M. Gerla, and S. Lu, "Secure incentives for commercial ad dissemination in vehicular networks," IEEE Transactions on Vehicular Technology, vol. R. Lu, X. Lin, H. Zhu, P.-H. 2715-2728, 2012. View at: Publisher Web page

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We take into consideration employing Bitcoin public crucial cryptography primarily based on ECDSA for our VDTN scenario instead of adopting vehicular-PKI for authenticated vehicular communications. Due to the fact the exchanged message and Bitcoin transactions involve signatures verified below the derived public keys, any other entities unauthorized by SM cannot join the method. Even so, ordinary Bitcoin public keys are not sufficient to incorporate trustworthiness from true-world entities into the method. When a car 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 key. For safe vehicular communications, an additional safety aspect is anonymity of autos which voluntarily take part in message shop-carry-forwarding communications on VDTNs. Those public keys made use of in automobile to roadside unit communications can be viewed as vehicle’s pseudonyms and do not contain any identity information of the vehicle even though the proposed scheme employs certified public keys. The only thing required to the cars in the method is their valid Bitcoin public key to uniquely determine the vehicle and manage Bitcoin transactions for incentives.