The sharing economy presents different challenges to those of the rental sector. Traditional insurance excludes property damages by paying guests and household insurance does not cover damage from third parties, amongst other limitations.

Slock.it’s technology enables anything from lockers to villas to be rented in an ad-hoc, peer to peer fashion, hopefully one day on the Universal Sharing Network. For small items, the built-in deposit system will be often sufficient, but for higher value property, such as vehicles, office spaces or apartments, we have partnered with SafeShare to provide future users of the Universal Sharing Network with a leading insurance product.

Because it supports almost any use case in so many countries, SafeShare is an ideal partner for Slock.it

With SafeShare, Universal Sharing Network smart contracts will be able to offer a revolutionary , universal, on-the-spot insurance where users pay only for the type of insurance they need, when they need it. The insurance provider will read from the Ethereum blockchain when the objects are rented out, and owners will only pay for the time the property was required.

The simplicity and elegance of the implementation of the insurance mechanism prototype we are developing with SafeShare would surprise many — it is worlds away from the horribly expensive, slow to implement SOA frameworks from traditional integrators. In many respect, it’s a perfect example of how blockchain technology creates new business opportunities while reducing the cost of operations for the companies that adopt it.

We encourage you to learn more about SafeShare and their amazing team on their website: http://safeshareinsurance.com/