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If I don't trust AXA I don't make any contract with them. If nobody trust AXA they will go out of business. I don't understand that logic. Why do I need more

by lampe3 5y ago

If I don't trust AXA I don't make any contract with them. If nobody trust AXA they will go out of business. I don't understand that logic. Why do I need more trust? Why should I care about the inner workings? At the end I want the money on my bank account Everybody should have there own data center? Even my 80 year old grandma? In what strange world do you live in? It sounds to me like your living in a trustless world were everybody has access to a datacenter and fast internet... Your trust issues are the problem here and smart contracts are not solving them

kybernetikos 5y ago
> If I don't trust AXA I don't make any contract with them. One of the huge challenges of the insurance industry at the moment is that while research shows that 60% of people think insurance is important, only 30% have a positive view of the industry. https://www.nsinsurance.com/analysis/the-geneva-association-survey/ https://www.nsinsurance.com/analysis/the-geneva-association-... This leads to people still buying insurance, but buying much less of it than they or the industry would like. So yes, this lack of trust is leading to bad outcomes for both the industry and the individuals, but the argument I worry you're making - that the industry exists and so therefore is fully trusted is not a valid one. I think you've misunderstood my data center point. The point is that if our hypothetical insurance company has a brilliant automated payment system, but it's running in a place that it cannot be verified, then there's little benefit to trust. A smart contract solution on the other hand can be public and verified (without your grandma running a datacenter). None of this requires fast internet or even datacenters. Trust issues absolutely are the problem here, and a deficit in trust is leading to bad outcomes. Smart contracts are a tool that can be used to help, because they act as a public, transparent, verifiable statement of what the payments process actually is.
- nieve 5y ago
  I'm sure stories of people having their insurance locked up in a buggy contract that won't pay out won't help increase trust in the industry.

by lampe3 5y ago

kybernetikos 5y ago

> If I don't trust AXA I don't make any contract with them. One of the huge challenges of the insurance industry at the moment is that while research shows that 60% of people think insurance is important, only 30% have a positive view of the industry. https://www.nsinsurance.com/analysis/the-geneva-association-survey/ https://www.nsinsurance.com/analysis/the-geneva-association-... This leads to people still buying insurance, but buying much less of it than they or the industry would like. So yes, this lack of trust is leading to bad outcomes for both the industry and the individuals, but the argument I worry you're making - that the industry exists and so therefore is fully trusted is not a valid one. I think you've misunderstood my data center point. The point is that if our hypothetical insurance company has a brilliant automated payment system, but it's running in a place that it cannot be verified, then there's little benefit to trust. A smart contract solution on the other hand can be public and verified (without your grandma running a datacenter). None of this requires fast internet or even datacenters. Trust issues absolutely are the problem here, and a deficit in trust is leading to bad outcomes. Smart contracts are a tool that can be used to help, because they act as a public, transparent, verifiable statement of what the payments process actually is.

nieve 5y ago
I'm sure stories of people having their insurance locked up in a buggy contract that won't pay out won't help increase trust in the industry.