Tokio Marine & Nichido Fire Insurance and NTT DATA Cut Blockchain PoC For Insurance

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Tokio Marine & Nichido Fire Insurance and NTT DATA Corporation have announced that the two companies have started a proof of concept for applying Blockchain technology to insurance policies.

They plan to digitalize insurance policies for marine cargo insurance, distribute them on Blockchain, and examine the security, cost efficiency and practical applicability including its operational efficiency. The POC includes digitalization of insurance policies onto the Blockchain, and inclusion of information of Letter of credit and Bill of lading on the Blockchain in the insurance policies. By replacing the conventional paper-based exchange method with the Blockchain network, NTT DATA expects that the time and labor cost for transactions will be significantly reduced. NTT DATA plans to publish the result of this POC, as well.

In import and export, insurance policies are exchanged from exporters to importers and circulated internationally through different parties of interest such as banks. However, the exchanges are mainly paper-based, which creates time-loss due to the paper transfer and risk for misplacement of documents.

Tokio Marine & Nichido Fire Insurance has been researching Blockchain based insurance policies, and has decided to test them in the area of marine cargo insurance by collaborating with NTT DATA, who have been researching the application of Blockchain in all over the international trade process.

In order to use Blockchain technology commercially, it is required to digitalize related documents other than insurance policies, as well. Therefore, collaboration of the respective parties is required to realize the application of Blockchain in this area. Through this POC, NTT DATA will solve the challenges amongst the respective parties and take steps towards the commercialization of Blockchain in import and export trade.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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