U.S Tech leader Bitfury to bring blockchain to the $60 billion insurance broking market
U.S. technology leader, The Bitfury Group, have recently annouced that it has formed a strategic partnership that will help it integrate blockchain digital ledger within the insurance broking market, currently in the worth of $60 billion.
Blockchain, an accessible record of all bitcoin transactions, can also be used to track assets across differing industries.
For the past two years, Bitfury has been helping national governments put data on a blockchain, as sectors look to make the most of the revolutionary technology.
Bitfury Chief Executive, Valery Vavilov, said on the announcement, “Blockchain technology can bring transparency and security to the insurance industry, and can be a catalyst for new insurance business models.”
While the insurance industry writes more than $5.5 trillion premiums worldwide on an annual basis, most natural, man-made and emerging risks remain unfunded or underinsured by established insurers using old systems.
The partnership will initially explore putting cyber-insurance and political risk activities on a blockchain-based system.
The partner in this venture, Risk Cooperatives, recently said in an email. “This system will speed up the underwriting process on a secure platform.”
In April, Bitfury announced a partnership with Ukraine to put a wide range of government data on a blockchain platform. A year earlier, Bitfury signed an agreement with Georgia to pilot the first blockchain land-titling registry.
The future is certainly exciting for the blockchain industry and Bitfury, as the company looks to become global leaders and front-runners in the development of the technology and system.