One application of Truthcoin prediction markets that has been proposed is for insurance for catastrophic (and public-verifiable) events like earthquakes. I have a question about the potential applicability of Truthcoin to forms of insurance that involve (a) personal information and (b) non- or semi-public information. The two basic examples for this might be auto and medical insurance. Both of these require access to information that isn't and probably shouldn't be completely public or well-known, e.g. your driving record and medical history.
Is there a way that PM's such as Truthcoin can provide this sort of insurance as a futures contract? I saw a mention in some Truthcoin documentation that it won't work very well for events that a small number of people can influence. Thus, the veracity of the fact "I have X disease" would be difficult to verify without a large number of observers, and nobody wants that....
So is there some "trick" here that I'm missing? I'd really like to think that there is a DAC or cryptocurrency-based solution for verifying personal data and personal events (and thus allowing for the "insurance DAC"), but so far I haven't seen it.
Is there a way that PM's such as Truthcoin can provide this sort of insurance as a futures contract? I saw a mention in some Truthcoin documentation that it won't work very well for events that a small number of people can influence. Thus, the veracity of the fact "I have X disease" would be difficult to verify without a large number of observers, and nobody wants that....
So is there some "trick" here that I'm missing? I'd really like to think that there is a DAC or cryptocurrency-based solution for verifying personal data and personal events (and thus allowing for the "insurance DAC"), but so far I haven't seen it.