ValPromise determines if promises are honored, basing on the public monitoring data via Internet. It allows any individual or organizations that satisfy the rules of the system have access to release their own promises (contracts), while any
individual may accept promises(contracts) issued by counterparties with their trust on the fairness and enforceability of the contract itself, which solves problems of collaboration regardless of geographical differences and regulatory differences.Specifically, the ValPromise project will focus on the risk management area which scales up to over $1 trillion annually and deliver with a decentralized promise
mechanism involving in releasing and trading. They aim to build a fully trusted,more efficient and cost-effective collaboration system of global risk management.
The exponential weather insurance will be the ValPromise’s first mature application.So far, with the leading unattended system in pricing automatically and risk control in China, they have made a great deal of cases successfully and have issued over 200,000 guarantee contracts on weather risk in the past 6 months. Over 20, 0000 customers from tourism and agriculture industries are served and they reached a cooperation relationship with Ink Weather, Tujia, Sunshine Insurance Company,major travel agencies and so on.
The ValPromise system will empower regular individuals and organizations to easily find hedge contracts and services tailored to their individual needs, which helps build a more efficient ecosystem of risk management across the globe. The
ValPromise risk management system will develop a wide range of applications in the future such as index insurance, commodity futures, foreign exchange futures,entertainment and others.