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The United States Federal Emergency Management Agency (FEMA) is exploring the idea of a blockchain-based property registry to streamline disaster insurance payouts.

In its latest National Advisory Draft Report to the FEMA Administrator, the agency indicated its interest in deploying blockchain technology in order to streamline disaster insurance payouts and improve the speed of disaster responses. 

To achieve this, FEMA recommended the establishment of a blockchain-based property and land registry, containing all critical information needed to file an insurance or disaster assistance claim.

Cutting the rate of self-insurance for public infrastructure

FEMA suggested that such a registry would not only promote liquidation of an insurance policy such as a “disaster dividend” or a “harm’s way” claim but also reduce the rate of self-insurance for public infrastructure. According to FEMA, self-insurance most often means no insurance at all, which makes the government bear the expenses on unfunded disasters.

In the report, FEMA noted blockchain and other emerging technologies’ ability to improve resilience and recovery efforts in a disaster, as critical data can be stored off-site in a “highly-trusted, secure platform.”

Adoption of blockchain in the insurance industry

There are a number of examples of the successful implementation of blockchain technology in the insurance industry globally. Recently, the United Kingdom-based charity organization Oxfam International announced the success of its blockchain-based delivery system of microinsurance to paddy field farmers in Sri Lanka.

The company claimed that blockchain could transform and simplify the insurance claims process, which would result in reduced administration costs and a higher percentage of premiums being used for fully trusted pay-outs.

In April, the British Virgin Islands partnered with blockchain firm to launch an alternative crypto-enabled payment infrastructure for residents across the chain of islands. The partnership had a particular focus on using crypto infrastructure to support the reliable and swift transfer of aid and access to funds in emergency scenarios.

Cointelegraph By Ana Alexandre , 2019-11-19 14:20:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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