Life Block is an Ethereum-based Decentralized Application (DApp) leveraging blockchain technology to enhance the insurance premium pricing and claims handling processes, using pre-specified payouts based upon a trigger event (aka, parametric insurance).

Smart contracts (computer programs used to interact with the blockchain) are used to automatically execute, control or document key events throughout the insurance process (e.g., policy creation, loss recording, claims handling, death benefit payment, etc.).

Soulbound Tokens (SBTs) are non-transferrable Non-fungible Tokens (NFTs) which will be used by the beneficiaries to redeem their death benefit payment, and SBTs are being used as digital identity tokens that represent the trait, features, and achievements that make up a person or entity. – Click here to read the white paper on SBTs published in May 2022 by Vitalik Buterin (Co-founder, Ethereum) and team.

Blockchain technology is already disrupting the insurance industry (e.g., Etherisc, a decentralized insurance protocol to collectively build insurance products) and many other industries as well (e.g., banking, supply chain, healthcare, government, real estate, etc.).