Blockchain technology company Bitfury Group and risk and insurance advisory firm Risk Cooperative have entered into a strategic partnership to drive blockchain applications in the $60 billion insurance intermediation market.
The partnership aims to enhance trust, transparency, efficiency and security in the origination, underwriting, quoting and transfer of insurable risk.
Blockchain technology allows for the recording of data—transactions, contracts, agreements—in a way that means the data are simultaneously stored, but also updated in real time—on hundreds or even thousands of computers globally. It is said to make the data almost impossible to tamper with or hack into—yet it is also accessible and updated instantly for every user.
Read rest of the story at intelligentinsurer.com