Video By IBM – Blockchain Explained.
Reuters | Technology News | By: Suzanne Barlyn | Wed Jun 14, 2017 | 7:55pm EDT:
Insurer American International Group Inc (AIG.N) has partnered with International Business Machines Corp (IBM.N) to develop a “smart” insurance policy that uses blockchain to manage complex international coverage, the companies said on Wednesday.
AIG and IBM completed a pilot of a so-called “smart contract” multi-national policy for Standard Chartered Bank PLC which the companies said is the first of its kind using blockchain’s digital ledger technology.
The Standard Chartered policy uses blockchain to facilitate sharing of real-time information for a main policy written in the United Kingdom, where the bank is headquartered, and three local policies in the United States, Singapore and Kenya.
Big banks, investors and other financial institutions have invested millions of dollars in blockchain, hoping it could make transactions faster, easier and more secure.
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