Monday Nov 06, 2023

Decentralized Insurance is Revolutionizing the Industry

Bridge hacks, phishing scams and malicious code draining wallets have forced consumer protection to be a top priority in the crypto and DeFi industry.

In this episode, Ian Andrews (CMO, Chainalysis) gets a deeper understanding of how decentralized insurance works with guest,  Brandon Brown (CEO & Co-Founder, FairSide), who are revolutionizing the insurance alternatives in the crypto space

Brandon explains that decentralized insurance is still in its early stages and has yet to be fully defined and believes that the current models in the space are trying to reinvent the wheel, even though the traditional insurance model is robust and resilient.

He also discusses the challenges of navigating the regulatory landscape in the insurance industry and explains that FairSide operates as a cost-sharing network rather than a traditional insurance product.

Minute-by-minute episode breakdown

  • (2:05) - Why Decentralized Insurance is yet to be defined and the importance of insuring valuable crypto assets
  • (6:12) - FairSide Network's focus on wallet insurance for mass adoption
  • (14:19) - Insurance companies invest premium deposits, but DeFi carriers shouldn't
  • (18:47) - Traditional insurance expense model vs blockchain efficiency 
  • (23:55) - Different approaches to governance in DeFi and wallet theft protection
  • (28:01) - Navigating the regulatory landscape in traditional and crypto insurance
  • (31:25) - Brandon discusses the roadmap and launch plans of Fairside
  • (33:27) - FairSide can go mainstream and expand beyond crypto

     

Related resources

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Speakers on today’s episode

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