Blockchain Company Symbiont To Release Smart Contracts for Insurance

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Blockchain company Symbiont, the market-leading smart contracts platform for institutional uses of blockchain technology, will host a live WebEx demonstration of its platform for insurance industry participants on September 20, 2016 at 2 p.m. ET. Participants must pre-register. Only insurance industry executives, investors, brokers or consultants will be approved to participate.

During the demo, Symbiont will execute a live catastrophe swap contract between two hypothetical parties, which will be recorded on its distributed ledger. The demo will then follow the lifecycle of the swap, showing how Symbiont’s proprietary smart contract technology handles various scenarios–including the trigger of a payment pursuant to the swap, and how the technology handles automatic updates when new industry loss estimates become available. 

Participants in the demo will view a side-by-side depiction of the screens of both parties to the hypothetical swap. This format allows participants to track what each party sees at all times, and will show automatic updates to the ledger when events meet pre-defined triggers.

Symbiont is the only smart contracts platform currently capable of providing such service to the insurance industry. It provided a version of its technology for a pilot catastrophe swap in June 2016, which was executed by a top European insurance company.  

Symbiont’s smart contracts platform can automate many administrative functions currently performed by the insurance industry, thereby reducing costs and the potential for disputes. Symbiont also expects its technology to foster new business opportunities for insurers as the industry simplifies complex businesses processes.    

To register, please send an email to events@symbiont.io. Please include your name, company name, title and contact information.  Symbiont will review all requests and send approved participants (from the insurance industry only) the instructions for joining the live WebEx demo. 

Symbiont is bridging the gap between the blockchain ecosystem and Wall Street. It has developed a platform that allows financial market participants to create programmable versions of traditional securities that take the form of Smart Securities™: self-executing digital contracts that are stored in a distributed ledger called a “blockchain.” The platform allows users to issue, manage, locate, and trade Smart Securities™ efficiently in a single, global, peer-to-peer financial network. www.symbiont.io

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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