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Thursday, October 28, 2021
Home News Japanese Insurer Sompo To Trial Blockchain Technology for Derivative Products

Japanese Insurer Sompo To Trial Blockchain Technology for Derivative Products

Sompo Japan  has announced that, in collaboration with Soramitsu Co.  it has begun trialling the use of Blockchain technology for derivative products  in September 2016.

Japan suffers many natural disasters, including earthquakes, typhoons, and volcanic eruptions, and in readiness for such risks there is a rapidly growing need for products such as climate derivatives.

Similar products are also sold overseas in emerging countries, which face natural disaster risks such as drought, especially in the agricultural sector. In response to the needs of this fast-growing domestic and international market, Sompo Holdings has teamed up with Soramitsu to start developing systems (currently in a beta version for user trials) that utilize Blockchain technology to provide customers with highly convenient derivative products and efficient services.

The Derivative System Using Blockchain Technology that Sompo Holdings and Soramitsu have begun jointly developing aims to create a service that simultaneously shares data such as contract details on the Blockchain to accurately and swiftly carry out every step in the insurance process, from managing risk aggregation for derivative products to determining whether or not to pay out on claims and implementing procedures to pay compensation.

Since use of Blockchain technology has the potential to enable provision of highly secure financial services and improve service efficiency while controlling system investment costs, Sompo Holdings and Soramitsu will also examine broader application of the technology to new insurance products. 3. Future Product Development Sompo Holdings will devise and develop products and services that use the latest digital technologies, including Blockchain technology, to contribute to the safety, security, and health of their customers.

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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