A U.K. insurer has turned to Amazon’s services to launch what it claims is the first blockchain system for bulk pension deals.
According to a Reuters report Wednesday, Legal & General, a U.K.based multinational financial services company, has said it will use Amazon Web Services’ (AWS) managed blockchain system to manage and record bulk annuities for its insurance business.
Bulk annuities are defined benefit pensions schemes sold by companies to insurers to mitigate risks to policy holders and to free themselves from the cost burden.
For now, AWS’ blockchain platform will be used for Legal & General’s bulk annuity business outside the U.K. and the U.S., although it may be expanded to include those markets down the road, a spokesperson for the firm told Reuters.
Thomas Olunloyo, CEO of Legal & General Reinsurance, explained that blockchain tech suits the long-term nature of annuities, as contracts can last over 50 years. Blockchain allows the related data and transactions “to be signed, recorded and maintained in a permanent and secure nature over the lifetime of these contracts,” he said.
Insurance is a growing use case for blockchain, with firms in the space increasingly eyeing the tech for its potential transparency and efficiency gains.
In December, U.S. insurance group State Farm launched a trial of a blockchain solution to streamline the manual process of subrogation – the legal right for companies to pursue damages from a third-party responsible for causing a loss to the insured party.
And a group of insurance companies completed a blockchain trial in China this spring that investigatedthe security and traceability features of blockchain, partly as a means to help to solve credibility issues facing insurance firms in the country.
The same month, professional services firm Accenture and Italian insurance group Generali launched a live blockchain solution aimed to streamline Generali’s Employee Benefits Network offerings, including insurance cover for life, disability, accident and healthcare.
AWS’ managed blockchain service came out of preview mode in early May, allowing clients to start using it to build solutions. The firm said at the time the service allows users to create a blockchain network “in minutes,” as well as managing certificates, inviting new members and scaling out peer node capacity to speed up transaction processing.
What makes a blockchain hotbed?
This week we saw the latest crypto exchange head to Argentina, with the news that Huboi Group will open an over-the-counter service and fiat gateway before the end of October.
Argentina has become somewhat of a blockchain hotspot, inspired by all the wrong factors. Crisis-hit emerging market nations constantly hit with fiat currency devaluation are increasingly turning to Bitcoin and other cryptocurrencies so it’s easy to understand why crypto would thrive there.
But economic unrest isn’t the only reason for blockchain tech to succeed in a particular geographical location. Often, there are several more positive factors that help certain areas become blockchain hotbeds.
The Blockchain That Can Beat EOS, TRON And Ethereum
Applications have become an integral part of the modern lifestyle. There are apps for anything from monetary transactions to tuning household appliances from work. But the market of apps is evolving, just like any other market. The advent of decentralized applications, or dApps, has heralded a new era in the way we perceive software on our devices. As a result, the infrastructures for maintaining dApps is becoming a hotly contested battleground for developers.
The market has already seen the creation of 2,551 dApps being used by over 95,966 users daily. Transactions through dApps are surpassing the 4,418,078 mark a day, and 11,741 smart contracts are involved in the process. Above all else, the market of dApps is already generating the volume of $21,512,096 per day and is showing no signs of abating despite the recent slump in cryptocurrency prices.
The growing competition on the market of decentralized infrastructures is largely due to the launch of new public protocols with their unique technical advantages, which are simplifying the development of dApps and the implementation of ideas and concepts that could not be implemented on Ethereum, Tron or EOS. The lack of the technology needed that would negate the disadvantages of blockchain, such as the inability of network scaling, low network bandwidth, low transaction processing times, and others, is the main barrier preventing dApps from becoming even more popular and widely accepted as logical alternatives to classical apps.
Credits is not just a platform, but a full-fledged company that has publicly opened access to its software for all users. Anyone willing can join the network, launch an operating node and develop their own products and services based on the Credits protocol. To date, more than 20 decentralized applications have been developed on the Credits protocol.The full list is available on Credits dApp Map.
Projects such as the 0XUniverse gaming dApps, Unlimited Tower, ExoPlanets, Royale Roulette, along with the Karma, Rare Bits and WandX projects that are currently operating on the basis of the Ethereum, Tron and EOS protocols, are considering the possibility of migrating their applications to the Credits protocol for better functioning.
Among the more interesting products based on the Credits platform is the Crext Extension, an analogue of Metamask acting as a browser extension for storing the Credits cryptocurrency and other tokens, and interacting with products based on Credits protocol. Another dApp is the CScheduler, a Credits blockchain-based service that provides the ability to schedule smart contracts at a defining moment or at specified time intervals. Among the popular gaming dApps on the Credits platform is Dice, a blockchain-based gambling game involving casting dice under the supervision of a random number generator.
Competition Is Progress
It is impossible to remain on what has already been achieved and the IT sector is the most progressive industry in the world, raking in hundreds of billions of dollars a year on apps and other products. The blockchain industry is catching up in terms of capitalization as major players are stepping in to provide the necessary infrastructure for its growth. However, the mainstays of the market are not indomitable and are gradually giving way to more advanced and progressive solutions.
The progress that the Credits platform has already made in its development and the innovative nature of its protocol have attracted the attention of many developers and giants of the IT industry, such as Lenovo and IBM. But the project team does not mean to stop on what has already been achieved and is planning to launch thematic hackathons and an Accelerator Program with a prize pool up to $2,000,000 to support the development of products and to showcase the capabilities of the platform.
If all goes as planned, the market will soon see a large number of products developed on the basis of the Credits protocol that will contribute to the development of the project infrastructure and its tokenomics. No matter the outcome of the upcoming events, one thing is clear – Credits is here to stay.
IBM and UBS Partner with German Car Producer to Develop Blockchain-Based Payment Solutions
According to a press release dated September 18, 2019, published by AutomotiveIT, ZF Friedrichshafen is partnering with IBM and UBS to build a blockchain-based payment platform for the automotive industry.
A New Cashless Solution for the Automotive Industry
Global giants ZF Friedrichshafen, IBM, and UBS are teaming up to develop a blockchain-based platform to enhance mobility services in the automotive industry. The platform will be developed on IBM distributed ledger technology and then delivered via IBM cloud.
The partnerships aim to bring to the market a new blockchain-based payment system that allows drivers to undertake cashless transactions for highway tolls, parking, charging fees, and more directly from inside the vehicle. According to the companies, the adoption of the blockchain is essential to guarantee security, transparency, and integrity of the data stored. Blockchain application will, therefore, strengthen trust and collaboration between consumers and carmakers.
The companies involved are confident that the platform will disrupt the automotive industry by delivering new opportunities and services for carmakers.
The three companies perfectly cover the multi-facet competences involved in the project. ZF Friedrichshafen is one of the world’s largest automotive suppliers. IBM is an American multinational information technology company headquartered in New York with a long track record in the blockchain market. UBS is a Swiss investment bank and financial services company based in Zurich.
Blockchain Solutions in the Automotive Industry
The automotive industry is facing growing interest in blockchain technology, as described by a recent study by Simon-Kucher & Partners which highlights that the market for blockchain applications in the industry can reach €104 billion by 2030. Solutions will entail not only cashless transactions but also new high-value-adding solutions for customers. Services such as traffic congestion management, adapted insurance rates, and automated payments are currently the top blockchain application in the automotive industry.
Recently we also presented a peculiar initiative by Volvo, one of the world’s foremost car manufacturers, that adopted the technology in a humanitarian manner. The Scandinavian carmaker is adopting DLT to monitor the supply of cobalt coming from the Democratic Republic of Congo, as to assure investors and customers that they’re electric vehicles are not reliant on supplies from conflict or child labor.
Germany, historically one of the countries with the largest automotive production, is witnessing a new governmental campaign to promote digitalization of the processes as key tool to keep competitiveness.
Bitkom, Germany’s technology association, thinks that governmental initiatives like this can for sure trigger blockchain adoption. Bitkom President Achim Berg acknowledged the disruptive power of the blockchain as a significant industry game-changer.