U.S. technology company The Bitfury Group said on Friday it had formed a strategic partnership with advisory firm Risk Cooperative to use the blockchain digital ledger in the $60 billion insurance broking market.
Blockchain, a public record of all bitcoin digital currency transactions, can also be used to track assets across industries. Over the last two years, Bitfury has been helping national governments put data on a blockchain.
“Blockchain technology can bring transparency and security to the insurance industry, and can be a catalyst for new insurance business models,” Bitfury Chief Executive Valery Vavilov said in a statement.
While the insurance industry writes more than $5.5 trillion in annual premiums worldwide, most natural, man-made and emerging risks remain unfunded or underinsured by established insurers using old systems and technology,
