We have made steady progress with IRX, our insurance exchange. I thought it would be good to start reiterating what the vision is for this platform.
The Insurer Network
The network consists of the insurance companies and professionals signed up to IRX. When insurers signs up, the company will be given a dedicated node in the blockchain network and a wallet for transaction fees.
The individual and the company will also get a public profile where they can publish information about themselves, like contact details, specialties and products. Companies and individuals connect to each other and invites others to join.
The IRX Ledger
The ledger is the area concerned with anything blockchain, primarily the smart contracts that backs the logic of the insurance lifecycle. Initially, a transaction browser will be provided to get direct access to the activities in the blockchain.
Initially, this is a simple quote and bind module which supports a basic product. As we find partners it will be easy to customise the smart contracts to suit new products and flows.
Recent Development Progress
We have been, and still are, very busy with hands on development of the core components. We are on target to have something deployed into our production environment by the end of September and then continue the development throughout final quarter in parallel to start reaching out the early adopters.
The blockchain infrastructure is in place and deployed to the servers. One of the key features is the automation for the node set-up when new companies sign up. By a combination of Docker and scripting we have managed to fully automate it.
Another feature we have been working on is the fee charging in IXT. As transactions happen, a commission charge will be charged from the company wallet.
The policy smart contract is a central component which encapsulates the basic workflow. As it evolves, more automation features will be added. Below is a screenshot of the insurance flow that we have analysed and specified. I wanted to illustrate its complexity rather than details, and although we will start with a simplified and partial model, the eventual process will cover it fully.
General webapp development. The front end is being completed, which will provide the basic user interface. The design looks great and has the potential to become a centre workbench for the distribution part of the insurance process.
As we are getting the platform ready we are looking at the best ways of operating longer term. The strong development team and the exciting commercial progress in PayRue and our joint venture with TokenMarket to launch our own crypto exchange make PayRue a good place to integrate IXT, IRX and associated projects into longer term. This means that the resources, the commercial traction and marketing efforts can all be streamlined around Mikael and me in an optimal way. The exact details are yet to be decided, but having such a strong, crypto and blockchain focused entity there is plenty of opportunity to get IXT and IRX off the ground in a big way.