June has been an exciting month full of activity, mainly focusing on the IRX infrastructure and foundation. Based on the detailed design put down during the previous month, development has started. Core functionality such as the sign in and account management is the first delivery. The collaboration between UX designers, architects and developers is going smoothly, and it is great to see that we are building up a good core understanding of the platform across the team.
Example of screen design for the next development iteration.
Further analysis and design are required around the IRX product listing, quoting and viewing. This is the main focus over the next few weeks for me personally. Our architect has started to look at the blockchain part, which will see the core elements of the commercial insurance lifecycle being implemented as smart contracts. We have looked at Quorum from JP Morgan and HyperLedger from IBM. We have a previous prototype based on Corda as well which will be referenced. The next step is a full prototype demonstrating the key concepts, with the major challenge being data privacy requirements and selective sharing of data.
We are going through the commercial discussions to integrate CreditSafe (https://creditsafe.com) as a data provider. CreditSafe provides company data to many FTSE100 companies including large insurers. The plan is to be able to enrich our company records, provide end-user convenience and company verification to insurance providers.
We have introduced an IXT to Propel token swap, which allows a 1:1 exchange from IXT to Propel. As previously announced, PayRue received its crypto exchange and digital wallet licences from the Estonian authorities. This is great news since it provides various exciting opportunities where we see great utility for IXT and insurance.
We have been joined by Sven Georgiev https://www.linkedin.com/in/svengeorgiev/ who will help with community and marketing. As he is between jobs, he will join temporarily which will allow me to focus even more on product development. If things work out we might be able to persuade him to stay on. As he learns more about IXT, he will be able to provide a lot of detailed support and communication. The overarching, single objective is to grow our community. Sven will work directly with me and the dev team so he has full access to our activities.
Thank you for your continued support and interest in IXT!
Ingemar and The IXT Team.