Page 19 - June 2018 Disruption Report Flip Book

BLOCKCHAIN ADOPTION
JANJUNAERY20210818
Cross-border pilot/service: Krungsri, MUFG Bank, Mitsubishi Corporation and Standard Chartered Bank:
Krungsri (Bank of Ayudhya PCL) conducted a successful pilot, testing a real- time international remittance from Thailand to Singapore using the Krungsri Blockchain Interledger. Krungsri conducted the pilot test with MUFG Bank, Mitsubishi Corporation (MC) and Standard Chartered Bank in Singapore.
“Krungsri once again achieves a success in the real-time cross-border funds transfer service based on Krungsri Blockchain Interledger,” said Thakorn Piyapan, Krungsri Head of Digital Banking and Innovation Division. “This time we have gained trust from Japan-based Mitsubishi Corporation (MC), one of Fortune Global 500 companies. In the pilot test, the Thailand-based MC subsidiary sent money from its Krungsri account to Standard Chartered account of the Singapore-based MC subsidiary via the Krungsri Blockchain Interledger technology. Successfully completed in a matter of seconds, the technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.” (Blockchain for Dummies, Manav Gupta, 2017; Press Release, Krungsri, 05/22/18; BI Intelligence, Lea Nonningewr, 04/21/18)
Insurance
The insurance industry can also use blockchain. Insurance providers need an efficient way to process claims, verify that an insurable event (such as an accident) actually occurred, and provide customers with fair and timely payouts. With automated insurance claim processing, policy conditions are written into a smart contract stored on the blockchain and connected to publicly available data via the Internet. Whenever an insurable event occurs and is reported by a trusted source, the insurance policy is automatically triggered, the claim is processed according to the terms of the policy specified in the smart contract, and the customer is paid. The benefits for insurance are as follows:
• Eliminates the cost of processing insurance claims
• Reduces the opportunity for insurance fraud • Improvescustomersatisfaction
Insurance pilot: AIG and Standard Chartered Bank:
American International Group Inc. (AIG), IBM and Standard Chartered
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