Asure Network (Asure / ASR) ICO review

4.5
Asure Network is a layer 2 scaling network that enables fast.

Asure Network is a layer 2 scaling network that enables fast, easy and secure transactions for not only payment transactions, but also generalized smart contract. Founded by German insurance and technology experts, the network enables everyone to quickly build, operate, and use highly scalable business applications through innovations in multi-chain scaling techniques and incentive-aligned crypto economics mechanism designs. What Problems Does Asure Network Solve? We are developing Asure Network as an infrastructure for social security systems of the future. Our goal is to provide access to 4.1 billion people worldwide who have no access to social security systems today. The existing social security systems are based on centralized databases, intransparent processes, fraud, corruption, labor-intensive processes and lack of trust in systems are the challenges we solve with the help of blockchain and thus we create a global inclusion in the social security market, just as Bitcoin allows for inclusion in the financial market. Asure Network is a public blockchain that enables you to run complex business applications such as social insurance systems. By using a multi-chain architecture, individual applications are distributed and scaled using sub-chains, resulting in high transaction throughput. The integrity, traceability, and transparency of the blockchain technology can create a high level of confidence in the accuracy and fairness of the implemented business processes. This is in direct conflict with the protection of user-related data and privacy standards such as the EU General Data Protection Regulation (GDPR). Integrating zero-knowledge-proofs and decentralized identities give Asure Network the ability to resolve this conflict. In the future, there will be many specialized blockchains for various applications. Asure Network uses bridging technologies to connect to other blockchains and allows the use of business processes across block boundaries. Ethereum is the first blockchain to be connected to the Asure Network.

Social security is an essential element in the economic and political development of societies. However, there are over 4.1 billion people worldwide without access to social security systems.[1] And on the other hand, the existing social systems have other challenges that have to be overcome for demographic reasons (e.g. birth rates 1.5 compared to the world average of 2.5) or cost reasons (administrative costs of more than 50% or even more than 100%). The Ethereum blockchain is currently only able to carry out a maximum of 1.3 million transactions per day.[2] Social security systems are based in part on several hundred million transactions per month and thus cannot be sustainably implemented using the blockchain as of today. 

Blockchain-based social security systems have several advantages in comparison to conventional social security systems. They ensure a constant and much higher quality of the data used and stored through process integrity, immutability and the sustainability of the system, enabling accurate real-time analysis of those. The transparency and immutability of the transactions ensure the system’s security against manipulation and corruption. By using Blockchain to remove the cumbersome and error-prone manual labor it is possible to achieve a high degree of automation, cost-efficiency, as well as easy to follow business processes. 

The past developments of blockchain technology and their results show that financial transactions executed through them can be carried out securely, automatically and without intermediaries. This suggests that social security systems, as systems serving the public and using rule-based financial transactions, are a reasonable use-case for public blockchains.

The Ethereum Blockchain corresponding solutions such as Casper, and Sharding in the pipeline that will eventually solve the scalability problem on Layer 1. Even regarding the people that don’t have access to any social security systems the number of transactions required for pay-ins and payouts amounts to at least the number of people involved, i.e billions of transactions on a monthly basis for the pension system alone. 

The aim of this paper is to examine a Layer-2 solution for optimal scalability while maintaining all the benefits of blockchain technology regarding decentralized social security systems.

Asure Network ICO Presentation

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