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B3i: An industry changing initiative
It's been eight years since Bitcoin was introduced to the markets. Sometimes dubbed “digital gold”, the total value of the currency is close to nine billion dollars. But the currency itself may have brought us something even more valuable: blockchain - an incorruptible digital ledger technology that can be programmed to record virtually anything of value.
Today, the technology is evolving on its own and it's use is being explored by FinTechs, InsurTechs and traditional financial institutions alike. Blockchain is of special interest to insuring companies as it could provide them with an easy-to-use and hard-to-fool system to run their business. And recent months have brought a significant leap in bringing the technology from drawing boards into a widely used practice.
Last October was marked by an announcement from Aegon, Allianz, Munich Re, Swiss Re and Zurich about the start of the Blockchain Insurance Industry Initiative (B3i), which was joined by others February 2017, raising the number of insurance companies that are part of it to fifteen. Competitors are becoming partners in the hopes that they can use the technology for their as well as the customers benefit.
“Blockchain technology shows most of its potential only if it’s applied in a network of peers. Therefore we see a huge benefit for the insurance industry in doing this together in the Blockchain Insurance Industry Initiative B3i. With B3i we are in the position to explore and shape the future use of Blockchain and to set the necessary standards for a true digitalization of insurance,” says Harald Rosenberger, Head of Innovation at Munich Re.
The initiatives directive is to explore the potential of blockchain technology and how (and if) it can be used in order to increase effectiveness and mitigate risks for both insurers and customers alike. Beyond that, there are no real specifics and we only got the mysterious promise of the members sharing the first results in June 2017.
Be one of the first to learn about the future of the initiative and find out what steps the industry has to take in order to make the best use of blockchain. Learn from the B3i members about the outcomes and potential uses of the technology at the
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