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, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, 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, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

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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