On August 10, Canto blockchain, a layer-1 blockchain platform, experienced a prolonged outage due to a consensus issue. The blockchain ceased processing transactions, resulting in a complete halt of network activity. Canto’s development team acknowledged the issue via a statement on social media platform X, assuring users that funds remain secure despite the outage. The incident had a notable impact on Canto’s native token, with a sharp 21% decline in value, and is also down 83% since May this year. However, it has since shown signs of recovery over the weekend, mitigating some of the initial losses.

This outage is a cautionary tale for insurance executives. It highlights the importance of having a contingency plan in place for unexpected events that can disrupt business operations. In this case, Canto’s development team was quick to address the issue and deploy a fix for the consensus problem. However, the outage lasted for two days, causing significant losses for the platform and its users.

As insurance executives, it’s essential to consider the potential risks and consequences of such events. The downtime of a blockchain platform can result in significant financial losses for businesses that rely on it. It’s crucial to have a risk management strategy in place that includes parametric insurance. Parametric insurance is a type of insurance that pays out when specific predefined conditions are met. It can help businesses mitigate the financial impact of unexpected events like the Canto blockchain outage.

At Riskwolf, we enable insurers to build and operate parametric insurance at scale. Using unique real-time data and dynamic risk modeling, we turn real-time data into insurance. With Riskwolf, insurance executives can have peace of mind knowing that their businesses are protected against unexpected events like the Canto blockchain outage.

In conclusion, the Canto blockchain outage serves as a reminder of the importance of having a contingency plan in place for unexpected events. Insurance executives must consider the potential risks and consequences of such events and have a risk management strategy that includes parametric insurance. With Riskwolf, insurance executives can turn real-time data into insurance and protect their businesses against unexpected events. To learn more about how Riskwolf can help your business, get in touch with us today.

Source: Canto blockchain experiences prolonged outage, fix scheduled for Monday