ShineChain Brings the First Blockchain-Based Mutual Insurance Platform

ShineChain, A Global Mutual Insurance Community Based on Blockchain Technology, redefines the insurance marketplace. Led by its CEO Jin Hui, ShineChain is backed by a dedicated team of experts having an extensive industry experience and are all set to bring their vision to reality.

Jin Hui, the CEO of ShineChain, explains that industry experts realize that through the trust-creation and decentralization features, the blockchain technology can successfully tackle the challenges in the current insurance industry. Defining the scope of the project, Hui says:

ShineChain is opening a new chapter in the insurance industry, where blockchain technology is leveraged to insure the health and wellbeing of our members. In our society, we are seeing rapid development and drastic changes in our living and working environment. There are increasing instabilities, environmental disruptions and food safety issues.  Mutual Insurance has also become a necessary supplement to public and tradition commercial insurance programs.”

The ShineChain Platform & its Real Life Applications

Traditionally, the commercial insurance companies charge high premiums, have information asymmetry, risk of inflation and privacy concerns.

Once such example is the recent case of Aetna, the U.S. third-largest insurance provider having 23.1 million customers. As per California’s insurance commissioner’s investigation, a former medical director for the insurer admitted under oath that he never looked at patients’ records when deciding whether to approve or deny care. The insurance commissioner says:

“If the health insurer is making decisions to deny coverage without a physician actually ever reviewing medical records, that’s of significant concern to me as insurance commissioner in California — and potentially a violation of law”.

ShineChain could solve such problems and other problems faced by both customers of health insurance as well as the lawmakers tasked with monitoring the lawful sale of these services. This is because its business model is based on blockchain technology, which eliminates the chances of insurance fraud, higher cost, inefficient data exchange, privacy leakages and improper decision making. As shown in Aetna’s case, these issues are inevitable in the traditional insurance model, but the ShineChain insurance system will mitigate these challenges.

In the context of Aetna case, it is evident that the health insurance company made decisions on the allocation of care without reading medical records. The use of block chain technology would have alerted the insurance monitors to this violation. This is because blockchain algorithms can be designed to keep track of the chain of custody for each individual document as it goes through the approval process. The person who reviewed the document and the time that they spent on each document can even be spent be logged to the page level. This is what ShineChain ecosystem is based upon, which makes it bear significant real-life implications in the current insurance industry. ShineChain is able to catch these inconsistencies in real time.

The Effective Process & SHE Tokens

ShineChain connects customers and insurance providers using blockchain based smart contacts. SHE Tokens are the unit of exchange for this system. They will be used to synchronize all the transactionional activities within the ecosystem. SHE synchronizes all transactional activities, value transferal and message delivery across the platform. SHE is governed by smart contracts. Users, investors and managers hold SHE, ensuring a healthy flow and circulation.

ShineChain intends to deploy its ecosystem on the global market. Plans are in place to initially promote the system in Japan, Korea, Britain, the United States, Dubai and then the globally after the transaction line is listed. ShineChain issues SHE tokens for platform trading, so that people around the world can participate in this blockchain mutual Insurance community.

Customers use SHE to pay premiums and gain SHE as compensation for claims. As a hedge against future token value deflation, the number of SHE tokens are locked after a user joins the ShineChain community.

ShineChain will have their product demo at the TokenSky Conference in Seoul, Korea on March, 14th and 15th 2018.  To learn more about this platform and invest in SHE tokens, please visit

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