- This story was first published in LinkedIn on October 21, 2017 https://www.linkedin.com/pulse/blockchain-project-ive-chosen-work-roberto-capodieci/
Blockchain is the “thing” of the moment, and the few experts available to consult for ICOs and business models that “requires” blockchain are submersed by requests, daily. Having started in the early days of blockchain, and having built a decent reputation in this field (not for talking about blockchain, but for delivering working blockchain solutions), I am between the selected recipients that gets asked to become a blockchain startup advisor (“we pay you with our own token!”), asked to evaluate a white paper for an ICO, asked to invest blindly in pre-ICO token sales, asked to consult on the right technology and platform to use, etc. I started receiving an email time to time, then weekly, daily, and now I am flooded by them!
In a “scary” crescendo, I receive now about 20 requests per day, some via LinkedIn, others via email, a few in my Telegram and WhatsApp, and some even via Facebook IM. It is very difficult to read all the white papers I receive, evaluate if it is worth investing the time for a call, understand how much blockchain is used just for the PR stunts it helps achieve, and when blockchain is genuinely used as a key element of the solution proposed. Yet, I want to be sure to help where I believe the project is valid, makes a difference, and will succeed.
And the ICOs. How appealing are them? They offer speculator a fast way to multiply their money, and people with nice ideas to collect insane amount of money. A win-win, if the idea is good, and the execution follows. Else a good idea can become a failure, if it wasn’t a scam to start with (and there are MANY, so I suggest to always do due diligence before investing). So I have to chose with a lot of attention where my name appears as part of a team, as advisor, and which project my company should work for.
Many people have asked me why I haven’t done any ICO for myself yet. Good question. I prefer to sell pickaxes in this gold rush, at least for now, and I be paid in good old dollars (or BTC), but not (only) in the tokens of the project I work for. That is a plus, and seeing a company that pays with real money (rather than with a portion of their freshly created billion tokens), shows how serious they are with their project.
Beside Blockchain Zoo (http://bcz.ooo) that is my baby, an association of blockchain experts that provide consulting, training, and deployment for serious blockchain projects and ICOs, I am at the moment personally involved in just a few blockchain projects. I keep my involvement in separate industries. Beside government blockchain projects, which I consult for, I am involved in consulting or advising in projects on sport, gaming, lifestyle, loyalty points, IoT, and, now, insurance.
I have chosen to work with FidentiaX, as blockchain project in the insurance industry, as they have scored very well in the checklist I use to filter the various proposal I receive:
- The Management team: they are working full time on this, they have the relevant experience (not just technical knowledge of the industry), they are pleasant to work with, and they are great business people too. Even the best idea with strong technical support won’t fly without strong business acumen. Cherry on the cake they been ready to pay for my company services from day 1 (with real money, not with “tokens” as many others try to do).
- The Industry: Insurance is a sleeping giant slowly awaking from its slumber, the opportunity within the space is huge, fidentiaX did not attempt to take a “big bite” and strive to change the world, rather they are laser focused on which segment of the industry they are targeting on. Insurtech is growing, and shaking the Insurance world. Most Insurtech project are NOT blockchain based, but those that are will help build the underlying framework for the interconnection and protocol for the new era of this industry. I want to be sure to be associated with one of the core projects.
- Great Use Case: there are so many projects that “forces” blockchain onto their use case and business model, just for the traction the word “blockchain” creates, for their PR stunts, and to push their valuation up. However I see a very clear use case for the application of the blockchain technology in the core business model of FidentiaX. Furthermore what FidentiaX is achieving, beside being a perfect use case for blockchain, it opens doors to great evolutions and integration to other insurtech projects
- The use of the ICO funds: FidentiaX will build a portfolio of insurances with what is collected from the ICO, that is available to their users. This did shows me that they have a clear understanding on how to manage the funds raised via ICO. Many other companies, when asked, they just have vague answers, and some get themselves in trouble by raising more of what they realistically need.
In essence, what service does FidentiaX offers? As they put it in their website, there is an opportunity they leverage, and a problem they solve: “Do you know that you can sell your insurance policies to a third party rather than surrendering it to your insurer at a low value?” People that need fast cash does resort in liquidating their insurance policies losing a good part of the premium collected. Selling the insurance to someone that has money to invest, and can wait a few years to cash out the higher premium is a great opportunity!
However, this is not a recognized marketplace. Currently sellers face the challenge of finding interested buyers and buyers do not have access to available policies and are restricted by region of residence. There is no assurance to buyers that need to place trust in a secondary market provider: the current practice requires the buyer to pay in advance and trust that the policy will be transferred. Making all this troublesome as both buyers and sellers need to be physically present at the insurer’s office for the transfer of policies.
FidentiaX uses the core aspects of blockchain (P2P secure network, KYC on blockchain, digital signatures, and transfers of titles, smart transactions, and record history of the transaction for clear audit) to facilitate this procedure, leaving the doors open to Insurances to connect to their API to ease the process even more, and to participate in the new business opportunity.
To know more about FidentiaX
Their website: https://www.fidentiax.com
Telegram group: https://t.me/fidentiaX
DISCLAIMER: (as of today) I own no FDX tokens, my company has been paid in FIAT for the consulting done for them, I have not been promised any token (this doesn’t mean I will not be offered in the future), I applied for the whitelisting for their ICO because I really want to own some FDX tokens. Last, but not least important, I have not been asked to, let alone being paid to, write this article!
Let me know what you think and share this article with your contact in the insurance industry.