The final step in the insurance life cycle is the ability to restore "normal" for our community after the event.  While the industry typically focuses on the financial impacts of insurance, there is a considerable expense in restoration - which extends from the supply chain, availability, and misaligned incentive challenges.

To address these significant challenges, the w3if created a specific working group to improve outcomes, not just for the homeowner, but the multitude of people and companies involved.

In the Service Partner Resources section, we have resources to help service partners like construction companies, plumbers, and HVAC.  Moving into the web3 world is new, and there will be lots of concerns, but the work we do here is to remove the roadblocks and help them focus on delivering the best results

We are often asked by Service Partners - what does this all actually mean and how will it impact my life?  

"It's a big stretch from Bitcoin to streamlining insurance jobs."

To answer, imagine that you and a few of your coworkers are building a wall, and every brick that you add to the wall represents a transaction (including your signature). With traditional record-keeping systems, you might use a notebook to write down each brick you added, and who added it. However, with blockchain, you don't need a notebook because everyone on the team has a copy of the same digital ledger.

In the case of blockchain, each transaction (or brick) is added to the ledger (wall) as a "block". These blocks are then chained together in a way that makes it impossible to alter any of the previous blocks without also changing all the subsequent blocks in the chain. This makes the ledger incredibly secure because it creates a permanent, tamper-proof record of every transaction that has ever occurred.

Therefore, just like the signed bricks in a wall that anyone can walk by and view the builder's names, the blockchain is a digital ledger that allows for secure and transparent record-keeping by chaining together blocks of information that cannot be altered once they are added to the chain.