Standard chartered bank forex rate

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Receive all Bitcoinist news in Telegram! UK-based Standard Chartered Bank the world’s first blockchain-based multinational insurance policy in hopes that it will cut costs and reduce regulatory complexity. By using a blockchain ledger to record insurance data, AIG will be able to track policy and payment data in real-time, thereby reducing some of the monumental complexity involved in multinational insurance coverage. Their hope is that this increased efficiency will lead to far fewer delays and cut costs for all parties involved. This system provides a lot of certainty more quickly.

Although Standard Chartered chose not to involve its brokers in the agreement, AIG states that the new policy does allow for third parties such as brokers, auditors, and other stakeholders to be involved. A Single View of Truth’By design, a blockchain ledger cannot be manipulated or otherwise covertly modified without the consensus from other nodes on its network. This advantage allows it to provide a single, unadulterated source of data for every party involved. AIG worked with IBM to build the policy using Hyperledger Fabric, a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation.

The three countries involved in the new policy were not only chosen because of their financial importance, but because they also represent regions with extremely diverse sets of regulations. Our pilot proves blockchain has a powerful role to play in the future of insurance. Any technology, including blockchain, that can increase trust and transparency for an industry whose pillars are built on that, should be fully explored. Will blockchain insurance policies redefine the industry? What will be the next industry to adopt blockchain technology? Give us your predictions in the comments below.

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