The Insurance Engineering Blockchain Consortium launched earlier this week online and the goal of the new consortium is to understand how Blockchain technology and smart contracts can serve the construction, infrastructure, and associated insurance industries upon which society depends.
The work of the consortium is based on several whitepapers published by the FinTech Task force for the National Society of Professional Engineers (NSPE) and the Quarterly Letter of the National Association of Insurance Commissioners, Center for Insurance Policy and Research (NAIC/CIPR).
Co-Founder Daniel Robles, PE stated:
“There may be an extraordinary opportunity for professional engineers to work closely with the insurance industry and financial institutions as the decentralized adjudication force to assure smart contracts in real work environments. The result would be increased process efficiency, fault-tolerance, enhanced valuation of assets and reduced risk exposures”
The IEBC is currently accepting founding firms in the Insurance, banking, and infrastructure industries to help lay out the research and development agenda for the coming year.
The value of new construction in the US is nearly 1.4 Trillion Dollars. A complex web of contracts underwritten by insurance carriers and financial institutions spread across the US economic system manage this activity.