Blockchain
Ocean Falls’ First Blockchain Application SuretyBlock Now Whitelisting Contributors to Reserve Pool
Vancouver, British Columbia–(Newsfile Corp. – June 7, 2022) – Ocean Falls Blockchain Corp. (“OFB” or the “Company”) is pleased to announce that SuretyBlock, OFB’s first blockchain application launching this month, is now whitelisting digital asset contributors to the platform’s reserve pool.
SuretyBlock is a decentralized solution for captive insurance providers with its first product, Eagle1, launching in June 2022.
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SuretyBlock is a decentralized captive insurance solution that aims to provide trade associations, organizations, and event organizers with the option to insure themselves against various liabilities using the power of blockchain technology to pool and distribute funds.
Marsh, a global leader in insurance broking and risk management, reported that the gross written premiums in the captive insurance industry grew from US $54 billion in 2019 to nearly $61 billion in 2020. If similar year-over-year trends continue, then gross written premiums could grow to well over $100 billion by 2030.
SuretyBlock’s decentralized solution for the captive insurance industry can help reduce the combined cost ratio down to 80 percent, compared to traditional market solutions that have a combined cost ratio of as much as 90 percent and upwards. This can result in a potential increase in profitability by as much as 20 percent or more.
Other benefits of captives include broader coverages, lower premiums, profit sharing, customized coverages and improved cash flow and claims handling.
The first decentralized product from SuretyBlock, called Eagle1, will be launching this month. Eagle1 is a Hole-in-One insurance platform for the golf industry, making it easier, quicker and more efficient for hole-in-one prizes to be obtained and issued on golf courses. The decentralized solution can support golf associations and tournament organizers with unique and custom hole-in-one prize-pools and payouts.
“Insurance is a heavily intermediated business. Captives offer the best opportunity to showcase the disintermediation benefits of blockchain technology in a way that clearly benefits insureds and the groups that represent them,” said Kevin Day, CTO at OFB and the head of SuretyBlock.
In March, SuretyBlock signed a fronting agreement with Fortress Insurance, a well-capitalized national Canadian insurance provider operating since 2004. This fronting agreement enables SuretyBlock to enlist and serve trade associations, organizations, and event organizers across western Canada.
SuretyBlock’s underlying technology will be adapted for glass repair, weather, and strata insurance solutions. The first two applications, glass repair and weather, are expected to launch by Q4 2022.
Those interested in joining the contributors whitelist for SuretyBlock’s reserve pool can email at [email protected].
About SuretyBlock
SuretyBlock is a decentralized solution for captive insurance providers. SuretyBlock is the first blockchain application developed by Ocean Falls Blockchain Corp. Visit oceanfalls.com for more information.
For further information, please contact:
Oded Orgil
Chief Executive Officer of OFB
[email protected]
Forward-Looking Statements
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements in this news release include, but are not limited to: offering of secure assets custody and management of funds, improvement of wallet security and custodial capabilities and future changes that may be implemented as a result of integration of the Fireblock Network and MPC protocols. These statements are based upon information currently available to OFB’s management. All information that is not clearly historical in nature may constitute forward-looking statements. In some cases, forward-looking statements may be identified by the use of terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward looking statements contained in this news release are based on certain factors and assumptions made by management of OFB based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and OFB does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although OFB has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking information. OFB does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.
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Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
The post UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System appeared first on News, Events, Advertising Options.
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