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Blockchain in Life Insurance can save a lot of field survey cost and moral hazard instances.

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#Blockchain in Life #Insurance, can save a lot of field survey costs, this will also keep the data transparent, genuine and secured. The insurance companies can use the blocks created by different institutions to verify the field activities. For e. g in case of a life insurance verification and payment, the Blockchain can have: 1. #Genesis block created either by a customer care executive of insurance company who first gets a call in case of a mishappening, or from the hospital who admitted the person. 2. The hospital can create blocks at the critical stages with details, till they finally give up. 3. Another block by the medical inspector who filles the final report 4. Next block by the carrier who carries the body for last rituals 5. Next by the person linked to an institution who executed the last rite 6. Can have more blocks. The insurance company can check the #immutable ledger chain and verify the claim for payment. This is much better than paper based ledgers. It will reduce a lot of #Moral hazard cases for insurance companies. The same information can be used by #municipal corporation to capture death reporting. Can this be a use case for insurance? Please share your thoughts.. https://www.linkedin.com/feed/update/urn:li:activity:6405990808918515712
posted May 26, 2018 by Piyush Singh

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Payments giant Mastercard is exploring the use of public blockchains in securely verifying payment cards at the point of sale, public documents show.

According to a patent application filed with the U.S. Patent and Trademark Office (USPTO) and released on Thursday, Mastercard has come up with a conveyance and retrieval processes to verify users' payment credentials over a "publicly accessible blockchain."

The document explains that the two-way method first encodes an image of a payment card and then stores it on the blockchain after encryption with a public and private key. Upon a retrieval request when a payment is being made, the system will use the provided private keys to decrypt the image so it can be verified.

By integrating this system with point-of-sale devices, Mastercard says that transactions would be secure, as the card need not be physically presented, and users need not be concerned about their payment credentials being "skimmed" from the payment device.

Mastercard stated in the document:

"The transaction may be conducted via the display of a machine-readable code to the point of sale device, which may further prevent skimming as the reading of such a code can be more easily controlled via control of the underlying display; the display can be easily shielded and is often obscured when in a pocket or purse."

Although whether an actual product will arise from the concept, the work marks a notable effort by Mastercard to utilize a public blockchain to potentially improve a common issue with its core card business. According to some sources, card skimming at ATMs and point-of-sale across all providers sees around $2 billion stolen per year globally.

In addition, another blockchain-related exploration by Mastercard was also revealed in yesterday's patent update, which seeks to build a blockchain to allow consumers to broadcast their travel itineraries and reservation requests to merchants.

Since the broadcasted information will remain visible to the public, it gives merchants the chance to bid for potential customers over the blockchain, potentially changing the existing model of hotel and air ticket aggregators.

+1 vote

IBM stated Thursday (9th March 2018) that it has over 400 client projects on its blockchain platform.

Among its biggest clients are companies were like Walmart and Nestlé. It also disclosed a list of banks and trade companies using its blockchain.

Blockchain technology is often associated with cryptocurrencies like bitcoin, but enterprises are taking it on as a new tool for trade and payments.

IBM's foray into blockchain technology is catching on with customers, according to an investor briefing shared by the company on Thursday. At least 63 IBM customers are now running over 400 blockchain-based projects, according to the briefing. Among those customers: 25 companies in global trade, 14 companies in food tracking, and 14 companies in global payments. Some of IBM's most recognizable blockchain clients include Nestlé, Visa, Walmart, and HSBC.

While blockchains continue to be widely associated with startups and cryptomillionaires, IBM's client list shows that large enterprises are truly embracing the technology. IBM and Walmart actually launched a joint food safety blockchain project globally last year, which enables the grocery chain to figure out where specific produce originated in a matter of seconds.

But IBM's product, which is built on top of an open-source blockchain called HYPERLEDGER FABRIC, uses "permissioned networks." This means companies can have some of the information on their bespoke blockchain be publicly viewable, and some of it locked behind a password or other security mechanism.

A global trader like the Dow Chemical Company (an IBM blockchain user) may want to have an immutable receipt between itself and its trade partners in order to guarantee that no one is being scammed. But it doesn't necessarily want that information to be viewable by its competitors - or, say, the media.

In global shipping, IBM's clients include Maersk, Du Pont and Dow Chemical. Its food trust customers include Walmart, Nestlé, Kroger and Unilever. Its global payment customers include Visa, the Polynesian payments company KlickEx, EarthPort, Nab,, BBVA and CIBC. And in trade finance, IBM's customers include Societe General, WeTrade, HSBC, Unicredit, and Santander.

They're not the only ones rushing towards the blockchain, either. JD.com, the Amazon of China, is launching a project to put high end beef improts on a blockchain so that its customers can see where their meat has been.

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The more blockchain-based initiatives there are being released into the market, the more difficult it can be to understand which of those are the most interesting applications of the technology.

Essentially, every startup harnessing this powerful new technology aspires to transform the everyday world in some way or another. It’s only natural that some will be more successful at achieving this goal than others will be according to an article originally in investopedia.

Although these startups tend to publish detailed whitepapers, these documents are not always helpful to outside investors or to those not already intimately familiar with the blockchain world. Here are a few startups that may be worth special attention in 2018.

Agrello

Smart contracts are a huge component of the cryptocurrency and blockchain space, and Agrello hopes to revolutionise them.

Agrello, an Estonian company, aims to combine artificial intelligence with legal documentation to bring smart contracts to people without extensive blockchain experience.

distributed ledger technology

 

Agrello’s interface allows users to easily create self-executing and legally binding smart contracts over the ethereum network, regardless of their level of programming experience or legal knowledge.

Bloom

Microlending has already upended the way that individuals in underserved parts of the world are able to access the broader financial system, and Bloom hopes to take that concept even further with the idea of a decentralized, blockchain-based network.

Individuals who do not have access to credit cannot develop a credit reference; Bloom aims to utilize non-credit-based payment info to generate a new type of credit score called a Bloomscore. With this, individuals who may not previously have had access to loans and other traditional banking mechanisms may finally be able to reach those things.

Everex

The financial world has long been dominated by contracts of all types. With Everex, an untapped market of roughly 2 billion people around the world who lack access to standard financial institutions will now have the opportunity to utilize services like currency exchange, microfinance, and remittance.

Everex plans to do this by using a technology called “cryptocash,” which links up a cryptocurrency’s token value to a specified fiat currency. Users will be able to convert their local currency into cryptocash through the Everex platform, providing them access to a large global network of services.

Selfkey

The above startups, and indeed many of the blockchain-based companies hitting the market at this point, all focus on the financial world. One of the promising features of blockchain technology, however, is that it has applications outside of that space, too.

Selfkey, for example, is a startup that strives to address self-sovereign identity issues. In past decades, as a digital identities have become increasingly common and complex, complicated issues of ownership have arisen. Selfkey provides users and organizations the power to completely own their digital identity using blockchain technology. With Selfkey, a user can control numerous aspects of digital identity, from citizenship to banking and more, all in one place.

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