Multinational Blockchain Insurance Test
Monday, 06 19 2017, Category: Technology, Country: World
Insurance giant American International Group (AIG) and UK global bank Standard Chartered have completed a blockchain pilot designed to simplify some of the industry's most complicated insurance policies.
Built by IBM using the open-source Hyperledger Fabric protocol, the pilot revealed today tested a commercial insurance master policy written out of London and applied to local policies in the US, Kenya and Singapore.
By moving the policy from the traditional system where each counterparty would hold its own records to a self-executing smart contract written on the Fabric blockchain, the pilot reportedly showed how real-time visibility into the insurance coverage could allow recipients to be automatically notified following an insurable event.