Dear community, it has been a hectic and tough couple of months. We are facing the usual challenges that you are well aware of by now. On a positive note, the IRX platform is coming along. There have been new delays, so the end of September timeline was not met, more about this below.
As many other blockchain businesses, we are still suffering from the decline of interest in blockchain, and lack of funding. This is now being worked on, and we hope to publish our plans before christmas. Our goal is to balance our need for funding with the interest to maintain the potential value of our IXT token. Whatever principle arguments one might have, the summary is that we need a small capital investment to bring this to the next level.
Our advantage, and at the same time the big challenge, is that we are looking at an audience outside the crypto and blockchain communities. We have a huge, tremendous insurance market to tap into. As I have worked on a new business plan, it is clear that even a small footprint in a part of this market can create a healthy and prosperous company. At the same time, insurance is seen as a necessary evil and and technology is seen as a cost burden by insurers so the challenge should not be underestimated.
IRX Platform Update
First of all, I remain very optimistic and happy to see real, tangible progress with IRX. I truly enjoy my sessions with the team, working through the issues – and it feels like we are making genuine progress. The problem is that as the team is shared with PayRue, people are often pulled away onto the many things going on there. Given the situation, it is definitely a worthwhile compromise instead of having resources based in the UK, given the costs and the uncertainty there.
We will focus on Cyber insurance first, with the aim to become the go to place for this new and evolving product.
The blockchain part is complete as a first step. It offers a ledger of all business transactions in the system. As an insurance provider signs up, a new Quorum node is allocated and their wallets set up automatically. We have still yet to finish the transaction charging in IXT across Quorum and the public Ethereum blockchain, this is our current focus.
The Distribution Channel
This is the part where companies find the insurance that suits their needs and can receive quotes based on their circumstances. The flow needs some final adjustments to capture all the required data from a company and make it slightly more frictionless.
Once we have a demonstrable platform running, we will restart our commercial discussions with insurers. We will continue making incremental improvements to functionality and get feedback from potential customers. My estimate would be that we have another couple of weeks before we will have a demonstrable platform we can show to people.
From a general point of view, our funding preparations are continuing and will be my personal focus.