The development of the platform began in 2017, the project founders set a goal to transfer the existing mutual insurance system to the decentralized basis of the blockchain. It is intended to form a single-level network where users can support each other. The MediShares insurance model looks pretty simple. The platform provides smart contract templates for which users can pay for insurance at a reasonable amount. The insurers, joining the system, freeze part of their funds for the duration of the contract with the possibility of obtaining benefits. MediShares developers highlight the following advantages of such a system: due to the lack of intermediaries and the decentralization of the platform the minimum commission is charged; the activity of insurers is encouraged by the accrual of internal cryptocurrency; globalization of the insurance market, equal rights and accessibility for all its participants.
A distinctive feature of MediShares is the confidentiality of use. Such insurance is convenient for those who are not ready to provide personal data, especially in certain diseases. In these conditions, the platform is compared favorably with centralized insurance services.