It Is Time for the English Insurance Sector to Adopt Blockchain Tech
The blockchain technology has now entered the insurance sector, making it possible for the insurance companies to offer policies to suit the customers' needs. The use of blockchain technology in insurance sector is something relatively new. London, the fintech destination of Europe is the first one to explore the potential uses of distributed technology in the insurance industry. The Capital of England already has a couple of companies who have already implemented it into their offerings. The blockchain is known for its transparency, security, immutability and reliability. All the....
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An advisory council to the US Treasury Department focused on the insurance market will discuss blockchain tech at a meeting later this week. Set for tomorrow afternoon in Washington, DC, the Federal Advisory Committee on Insurance (FACI) will discuss a range of issues, according to publicly available materials, including the use of the tech in the US insurance market. The government said of the hearing: “In this meeting, the Committee will discuss a number of issues, including blockchain technology in the insurance sector, the changing auto safety landscape, and an overview of insurance....
Allianz, the German insurance major has implemented blockchain technology to cater to the CAT Bonds market. Adoption of Blockchain technology in the Insurance sector has grown beyond the United Kingdom. The decentralized ledger technology, which acts as the backbone of the Bitcoin network will soon be adopted by the German Insurance major, Allianz (ETR:ALV). Allianz, headquartered in Munich, Germany has announced the new development in its latest statement released to the press yesterday. The company will be initially implementing the blockchain technology for trades involving ‘CAT Bonds’....
PricewaterhouseCoopers (PwC), the largest professional services firm in the world, is set to initiate research into blockchain tech by focusing on its potential uses in wholesale insurance. PwC to Test Insurance on the Blockchain. The research will be a collaborative project between PwC and Z/Yen, a consultancy think-tank located in the City of London.....
Insurance markets embrace Blockchain, a team of Blockchain experts offers consultation - this is one side of the CT London Scene Roundup, the last one this year. There’s also a funny side, as Nick Ayton spots Satoshi again and speaks with an old lady trapped in a Bitcoin mine. Insurance sector gets hot. The insurance sector has begun to realize that Blockchain is a great match for reinsurance and that smart contracts lend itself to the complexities of offsetting risk and managing multiple parties, each with a role to play and financial interest in getting it right the first time. ChainThat....
Thailand is bound to see a sweeping adoption of blockchain technology in a number of areas including finance by the year 2018, according to a report in regional English daily Bangkok Post. The news daily cites a blockchain specialist who sees businesses in Thailand adopting blockchain technology by the year 2018. Beyond its core features in transferring value with transparency and security while maintaining trust, the inexpensive ease in which it can be implemented will encourage businesses to switch over, opines Bhume Bhumiratana, a blockchain tech expert. The cost of development will....