Page 20 - June 2018 Disruption Report Flip Book

BLOCKCHAIN ADOPTION
JANJUNAERY20210818
Bank plc successfully piloted the first multinational, “smart contract” based insurance policy using blockchain technology. In the pilot, AIG, Standard Chartered and IBM converted a multinational, controlled master policy written in the UK, and three local policies in the US, Singapore and Kenya, into a “smart contract” that provides a shared view of policy data and documentation in real-time. This also allows visibility into coverage and premium payment
at the local and master level as well as automated notifications to network participants following payment events. The pilot also demonstrates the ability to include third parties in the network, such as brokers, auditors and other stakeholders, giving them a customized view of policy and payment data and documentation.
“Our pilot proves blockchain has a powerful role to play in the future of insurance,” said AIG’s Rob Schimek. “Any technology, including blockchain, that can increase trust and transparency for an industry whose pillars are built on that, should be fully explored. We’re excited to be delivering innovation that matters to our clients—and co-developing key components of this new technology together.”
“As a global bank we have to ensure consistent, trustworthy and secure financial transactions, be that as part of our business or as customers ourselves,” said Standard Chartered’s Emily Jenner. “By creating a process by which we can arrange multinational insurance contracts through blockchain we not only have transaction security but contract certainty across multiple business locations.” (Blockchain for Dummies, Manav Gupta, 2017; BusinessWire, Standard Chartered, 06/15/17)
Government
A large volume of government involves recording transactions and tracking ownership of assets, all of which can be made more efficient and transparent through the use of blockchain. Establishing trusted identity remains a problem due to forgery and expensive background checks required in verification. Millions of people worldwide may have forged their identity documentation and may not be exactly who they say they are. Millions upon millions of refugees and their children go undocumented. People in the poorer parts of the world may not have sufficient proof to establish identity as required by certain service providers; for example, banks typically require proof of residence or utility bills to establish identity, neither of which may exist in the developing country.
Organizations can apply blockchain by issuing digitally authenticated birth certificates that are unforgeable, time-stamped, and accessible to anyone in the world. The benefits to this include:
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