Day By Day: revolutionizing the insurance industry thanks to Algorand technology

The insurance industry is one of the largest in the world, where a large number of investments and innovative solutions are generated to solve people’s lives. «Day By Day» is a blockchain platform that is revolutionizing the sector, by incorporating new technologies. In this article we tell you all the details.

The insurance market

The insurance market is one of the largest industries, being present in all regions of the planet. Through the solutions that insurance companies provide, people can protect their wealth in case of unfortunate events. In this way, insurance generates monetary support for communities around the world, while also performing a social function.

Although digital advances have provided extensive solutions for the insurance universe, blockchain networks allow for disruptive changes. Thanks to this technology, procedures can be streamlined, a much more efficient infrastructure can be generated, and operating costs can be significantly reduced.

The Day By Day platform

Day By Day is a pioneering platform in the world, which is reinventing the insurance industry thanks to its solutions. By using Algorand’s blockchain technology, the ideal framework is generated to provide revolutionary services. When using NFT and DeFi, you will be able to create, use, and own hyper-personalized insurance for your real-world assets, in a completely decentralized manner.

Through blockchain, Day By Day offers insurance in a transparent and much fairer way, since the conditions are generated in an appropriate way for each particular case, that is, adjusted to measure. Its asset registry app, the InsureFi platform, and DBD tokens work together to provide better visibility and control over your assets and insurance.

Day By Day issues insurance policies thanks to NFTs, which allow tokenizing all conditions and assets in the real world. These NFT tokens are intended to provide personalized, on-demand, and lower-cost insurance coverage. In turn, owners of NFTs insurance policies in Day By Day will receive passive income, when their NFT is used to provide coverage to insurance clients.

Advantages when using the Day by Day platform

We had an enriching talk with Daniel Montoya, CTO of «Day by Day», where he shared with us his thoughts regarding the advantages that blockchain technology, and more specifically Algorand, are bringing to the insurance industry.

First, Algorand’s blockchain technology allows the platform to take advantage of the incredible speed of the network for asset management. Undoubtedly, this is a significant point, since it saves a large amount of time and procedures, which often extend deadlines. In turn, it allows a considerable reduction in costs through the application of this new technology, thanks to the fact that a large amount of administrative expenses can be dispensed with.

When a user uses the «Day By Day» platform, they benefit in several ways compared to traditional insurance. In the first place, you can obtain insurance tailored to your needs, and thanks to blockchain technology, a history is generated that allows you to have a kind of «digital identity» that will serve you for future contracts. On the other hand, transparency in all management is absolute, therefore people can count on greater peace of mind when it comes to protecting their assets. On the other hand, thanks to NFT tokenization, users can receive passive benefits.

On the other hand, blockchain technology makes it possible to make a more precise estimate of the damage at the time of an accident, and in turn expedite the procedures for the payment of compensation. Undoubtedly, all these advantages contribute to making life easier for people when it comes to making a contract of this type. Also, Day By Day is working on generating a greater number of DeFi solutions that will soon be available.

As Daniel explained to us, another of the issues they took into account when selecting Algorand for their platform is the ecological issue. Since the blockchain network is «carbon negative» it contributes to the environment, aligning with ideas within the insurance sector to reduce environmental impact.

How to use the platform to generate your NFT policy

Anyone who wants to get these NFT policies can follow the steps as below:

  1. Go to the Day By Day platform: app.daybyday.io
  1. Connect your Algorand wallet to sign up.
  1. Choose exactly for which asset categories, insurance events, and time period, you want to insure assets.
  1. Choose the blockchain to mine your NFT.
  1. To get a discount on your price, burn 10% in DBD tokens.
  1. Mint your policy through ALGO or USDC in Algorand.

For more information, please view: https://daybyday.io/

Conclusion

Algorand has a blockchain technology that is allowing the development of innovative and disruptive projects around the world. Day By Day offers a platform that is revolutionizing the insurance industry, thanks to the solutions that they provide, which allow speeding up procedures, reducing administrative times and obtaining lower costs. On the other hand, it also allows owners of «NFT insurance policies» to earn income passively.

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