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Summary | Pilot of smart contract-based mutli-national insurance policy for Standard Chartered Bank |
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Categories | Insurance |
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Market status | Under development |
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Status | Permissioned • Hyperledger Fabric (permissioned) |
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Action (Smart Contract)? | Yes |
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Application | Multinational insurance contacts; converted a multinational, controlled master insurance policy written in the UK, and three local policies in the U.S., Singapore and Kenya, into a smart contract that provides a shared view of policy data and documentation in real-time. Also allows visibility into coverage and pemium payment at the local and master level as well as automated notification to participants following payment events |
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Date/Timeline | Pilot completed in June, 2017 |
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Notes | provides efficiency and transparency in underwriting process; the pilot demonstrated the ability to include third parties in the network, such as brokers, auditors and other stakeholders, giving thema customized view of policy and payment data and documentation |
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Source URL #1 | www.insurancejournal.com • Verified 200 OK |
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Summary | Blockchain Insurance Industry Initiative, Working prototype: Property Cat XOL contract |
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Categories | Insurance |
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Market status | Under development |
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Types | Blockchain • Blockchain (Hyperledger) |
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Status | Public, Private • Hyperledger (Public and Private: One shared Master Data ledger that contains commona nd agreed master data including public company information and common contract clauses; and another shared Communication ledger that is cryptographically secured and stores the communication used to consent on the state of the private organization ledgers) |
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Action (Smart Contract)? | No |
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Application | Insurance: multi-party transaction, smart contract, approvals, settlement, asset transfers |
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Traits (blockchain) | a shared process, calculation, settlement and reporting on a distributed ledger |
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Date/Timeline | Prototype testing completed October 2017; launch goal by end of 2018 |
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Notes | *more info on blockchain & smart contracts in the insurance industry can be found at "Insureblocks": https://www.insureblocks.com/ |
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Summary | Company by Starbucks, ICE, Microsoft, BCG |
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Categories | Platform |
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Types | Token, Blockchain • Token (bitcoin and other cryptocurrencies), Blockchain (Bakkt) |
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Status | Public • Bakkt as a trading platform(public and US-regulated) |
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Action (Smart Contract)? | No |
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Application | a platform can be used to buy, sell, store and sepnd cryptocoins; convert cryptocoins into U.S. dollars that can be used at Starbucks as flagship retailer |
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Traits (blockchain) | Leverage Microsoft's cloud to create an open and regulated, digital asset ecosystem; platform aims to help institutionalizing digital currencies |
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Date/Timeline | Launch set for December 2018 |
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Notes | Has a US regulated exchange; paves the way for a bitcoin ETF (Exchange traded fund) |
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Source URL #1 | www.coindesk.com • Verified 200 OK |
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