SummaryBlockchain Insurance Industry Initiative, Working prototype: Property Cat XOL contract
Market statusUnder development
TypesBlockchain • Blockchain (Hyperledger)
StatusPublic, 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)
Action (Smart Contract)?Yes
ApplicationInsurance: multi-party transaction, smart contract, approvals, settlement, asset transfers
Traits (blockchain)a shared process, calculation, settlement and reporting on a distributed ledger
Date/TimelinePrototype testing completed October 2017; launched 2018
Notes*more info on blockchain & smart contracts in the insurance industry can be found at "Insureblocks": https://www.insureblocks.com/
Source URL #1b3i.tech