Blockchain technology has the potential to revolutionize the centralized structure of the global asset protection industry. Day By Day, a company that leverages Web3 and artificial intelligence (AI), is aiming to bring more inclusive and democratized insurance solutions.
The traditional insurance sector has long struggled with efficiency, transparency, and security issues. According to a report by Aon, the industry has difficulty adapting to changing consumer behaviors, and faces challenges such as demographic shifts and rising healthcare costs. Insurance CEOs also express concerns about over-regulation hindering growth.
Blockchain technology offers a ray of hope in addressing the inherent challenges of the insurance industry. Unlike traditional methods that rely on cumbersome paperwork and subjective assessments, blockchain can redefine insurance by providing transparency, efficiency, security, and accessibility.
By integrating real-world assets (RWAs) and AI, blockchain-based projects have the potential to overcome historical challenges. These technologies enable more accurate risk assessments and personalized insurance products.
Day By Day, a multichain Web3 insurance platform powered by AI, aims to revolutionize the insurance sector by combining the power of blockchain, RWAs, and AI. Users of the platform can secure their assets using an asset register app available on Google Play and the App Store.
Upon creating an account, users can document their assets through photographs within the platform’s proof-of-ownership consensus model. As a reward for every registered asset, users receive the platform’s native digital asset, the DBD token. The platform incentivizes holding DBD tokens by offering additional rewards and the opportunity to purchase gift cards directly through the asset register app.
Day By Day transforms nonfungible tokens (NFTs) into tangible insurance policy instruments. This approach allows individuals to hold NFTs as a means of securing insurance coverage and as an investment. Owners of policy NFTs with matching features also receive a share of the premiums collected from customers. To incentivize users, Day By Day enables the burning of DBD tokens in exchange for discounted rates on NFT policies.
At the core of Day By Day’s structure is the Underwriting DeFi Pool model, which acts as a safeguard against unexpected events. This model allocates a significant portion of insurance premiums into accessible and locked liquidity pools. Contributors to the pools receive DBD-LP tokens, representing a stake that can be actively traded. This ensures that at least half of the underwriting is always secured, protecting against smart contract vulnerabilities.
Day By Day plans to expand its vision to include digital asset protection for health, life, travel, and niche markets supported by Web3 and AI. The company’s goal is to empower users and democratize the insurance industry by implementing a decentralized autonomous organization (DAO) project in the near future.
By utilizing cutting-edge technologies like Web3 and AI, platforms like Day By Day are equipping the insurance industry with tools to empower consumers and democratize access. This evolution promises a future where insurance is not only more transparent and personalized but also widely accessible, marking a new era of consumer empowerment and industry innovation.