The BBC is not responsible for the content of external sites. Read about standard chartered bank forex rate approach to external linking.
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.
Blockchain Projects Have Already Failed, Average Lifespan of 1. 232 million ICO ended in July 2017, pledged to debut its mainnet release following the successful beta rollout. The custodial Tezos Foundation confirmed the move in a press release and on social media May 29. Most financial assets are volatile in different degrees. Bitcoin price volatility is known to be highly significant. It suffers from dramatic short-term price fluctuations conveying downside risk. However, from a long-term perspective, Bitcoin’s price is substantially up since early 2017.