Etherisc, a Munich-based Insurtech startup, has bagged the Blockchain Oscar for Most Innovative Blockchain Startup.

Produced by The Cointelegraph, the competition was a part of Blockshow Europe 2017. Six promising startups were shortlisted. During the final ceremony on 6 April 2017, Etherisc presented the project to a jury and received a prize of €5,000 (£4,237).

“BlockShow Europe is a major international event for showcasing established blockchain solutions,” according to its organizers. “Blockchain can provide every company with transparency and disintermediation, help with process integrity, and just simplify things.”

Etherisc aims to make the purchase and sale of insurance more efficient, enable lower operational costs, provide greater transparency to the insurance industry, and democratize access to reinsurance investments.

Commenting on winning the award, co-founder Christoph Mussenbrock said, “It is a great honour and an amazing boost for our endeavour to create an open protocol for decentralized insurance applications.”

“Etherisc is a company that promises to disrupt and transform a large part of the global insurance industry for millions of travellers. It can offer a variety of new products and services to customers, while leveraging blockchain technology to achieve new levels of transparency and kick off a new era of policy securitization.”