Nayms, an innovative blockchain-based tokenised insurance marketplace, has joined the Cointelegraph Accelerator, signaling a noteworthy fusion of traditional insurance markets with cutting-edge blockchain technology.

This collaboration underscores the potential of blockchain to transform the insurance industry, which struggles with inefficiencies such as high operational costs, customer discernment issues, and fraud.

Nayms operates by linking brokers and underwriters directly with providers of crypto capital, thereby simplifying the traditional complexities involved in insurance transactions.

The insurance sector stands on the cusp of a significant overhaul, with blockchain technology poised to unlock a market valued at $32.9 billion by 2031.

The distributed ledger technology offers a secure, transparent, and interoperable platform for the management of insurance data, making Nayms a pioneering endeavor in the digitisation of insurance marketplaces.