Blockchain Transaction Cover: active insurance reducing transaction-time losses by over 90% to enable professional blockchain use at scale.
Lead Participant:
OPENCOVER UK LTD
Abstract
OpenCover is a UK-based blockchain insurance SME led by Jeremiah Smith (project lead/product lead), Yury Oparin (technical lead) and Csongor Bokay (blockchain risk specialist).
In its pursuit of becoming a global hub for blockchain technology, the UK is providing regulatory clarity. However, blockchain safety issues still hinder broader adoption, with over $450M lost globally at transaction time in 2023 due to scams, misconfigured smart contracts and other transaction-time vulnerabilities. Alarmingly, transaction-time losses are estimated to have tripled in 2024 to $1.47B (State of the Chain, 2025). Without a robust insurance offering, professional and institutional adoption of blockchain technology is virtually impossible, as risk transfer options are crucial in any modern financial system.
OpenCover is developing the first real-time, capital-efficient, blockchain transaction insurance, enabling businesses and institutions to transfer blockchain transaction risk at scale.
Unlike static insurance (e.g. yearly policies), OpenCover's solution has a very short policy window (minutes) combined with real-time risk and loss assessment of individual blockchain transactions via API. This enables underwriting capital to be reused over 200 times a day thereby delivering unprecedented capital efficiency, which is crucial given over $1T in value is settled on blockchain rails monthly (Token Terminal,2024).
OpenCover's innovation will enable businesses to transact on blockchain rails compliantly by offering customers access to the first regulated blockchain transaction risk-transfer product. Furthermore, this project directly supports the government's goal of making the UK a blockchain hub.
In its pursuit of becoming a global hub for blockchain technology, the UK is providing regulatory clarity. However, blockchain safety issues still hinder broader adoption, with over $450M lost globally at transaction time in 2023 due to scams, misconfigured smart contracts and other transaction-time vulnerabilities. Alarmingly, transaction-time losses are estimated to have tripled in 2024 to $1.47B (State of the Chain, 2025). Without a robust insurance offering, professional and institutional adoption of blockchain technology is virtually impossible, as risk transfer options are crucial in any modern financial system.
OpenCover is developing the first real-time, capital-efficient, blockchain transaction insurance, enabling businesses and institutions to transfer blockchain transaction risk at scale.
Unlike static insurance (e.g. yearly policies), OpenCover's solution has a very short policy window (minutes) combined with real-time risk and loss assessment of individual blockchain transactions via API. This enables underwriting capital to be reused over 200 times a day thereby delivering unprecedented capital efficiency, which is crucial given over $1T in value is settled on blockchain rails monthly (Token Terminal,2024).
OpenCover's innovation will enable businesses to transact on blockchain rails compliantly by offering customers access to the first regulated blockchain transaction risk-transfer product. Furthermore, this project directly supports the government's goal of making the UK a blockchain hub.
Lead Participant | Project Cost | Grant Offer |
|---|---|---|
| OPENCOVER UK LTD | £489,021 | £ 342,315 |
People |
ORCID iD |
| Jeremiah Smith (Project Manager) |