Founded in july 2021,by Osama Raushan, this startup is based out of Kolkata .
About the founder :
Osama Raushan is a serial entrepreneur and is an alumnus of NIT Durgapur. This is his second startup after exiting his first IOT based startup which was acquired by another tech company.
He is passionate about technology and how technology can be used to make lives better!
Problems faced
Problems faced by various industries using centralized systems :
1> Trust : trust can be compromised in centralized systems
2> speed: traditional contracts are time-consuming
3> cost : high cost for transactions
4> scalability issues
The solution offered : For Insurance Industry
Solutions for the insurance industry using blockchain :
Innovacio blockchain provides blockchain solutions for the insurance sector
Benefits :
1> Improves trustworthiness: smart contracts help in timely, transparent, and trustworthy transactions. Blockchain is trustworthy and helps reduce fraud. Blockchain has the ability to have consensus algorithms built into it enabling provenance, suitability, and immutability. This makes it easier to build smart contracts on the blockchain, which could hugely benefit the insurance industry.
2> cost-effective: low cost of smart contracts and low cost of transactions are beneficial for insurance companies. It creates efficiencies in processing transactions. It also reduces manual tasks such as aggregating and amending data, as well as easing reporting and auditing processes. Blockchain helps businesses like fintech, healthcare, and insurance companies cut costs by eliminating middlemen — vendors and third-party providers – that have traditionally provided the processing that blockchain can do.
3> Tamper-proof audit trails: insurance can be conducted over blockchain accounts which helps in tamper-proof audit trails. With the help of smart contracts and (DApps) decentralized applications, insurance companies will be benefited.
4> Blockchain enables more automation: Smart contracts do more than enable transparent transactions. They can also streamline the insurance process. Blockchain stores the immutable terms of the contract, a smart contract can facilitate and enforce the contract and its performance. The entire insurance claiming process can be streamlined because blockchain executes on the terms of the smart contract – and it does so automatically, making automation a big benefit of blockchain.
Overall blockchain helps in streamlining processes, increasing automation, detecting fraud, and increasing trust
Apart from the insurance sector, Innovation blockchain helps in fintech,healthcare, and supply chain industries helping to make it safer, economically cost-effective and scalable
Solution for Fintech industry :
Using distributed ledger, peer-to-peer communication, transparency, permanent record, and computational logic.Innovacio blockchain solutions help in
KYC Verification
Supply Chain Financing And Management
Simplification Of Remittance Process
Trusted Payment Solutions
Records Storage And Management
Disrupting Digital Insurance
Faster Processing Speed
Eliminating Audit Trails
How Innovacio Blockchain helps :
Innovacio Technologies helps in
1>blockchain creation: public blockchain: harness the potential of a varied blockchain platform to develop enterprise-grade solutions
2>create your own Private blockchain: also known as forking, benefits include: faster transactions,low gas fees
3> creation of coin and token: launch your own coin and token
4> pre-sale ICO
5> NFTs : create you nfts with us
6> blockchain-based games: decentralized gaming and reward system with NFTs which will help in democratize
7> Creation of enterprise-based solutions for various industries
Clientele :
With more than 6 foreign clients and 4 Indian clients which includes a major player in the Insurance segment.
Funding :
This is a bootstrapped startup and is not looking for any external funds
