Global insurance firm tests blockchain-powered covers
A StanChart branch. The lender has signed onto the blockchain platform. FILE PHOTO | NMG
What you need to know:
AIG has partnered with technology firm IBM to develop the insurance cover, which Standard Chartered bank signed onto for its operations in Kenya, Singapore and the United States.
Blockchain allows for real-time sharing of information across computers in a network.
Once data is entered in the digital ledger, it is nearly impossible to alter creating an immutable and transparent record of transactions.
Global insurance group AIG is targeting multinationals with a new blockchain-powered cover policy that has been partly developed in Kenya.
The company has partnered with technology firm IBM to develop the insurance cover, which Standard Chartered bank #ticker:SCBK signed onto for its operations in Kenya, Singapore and the United States.
