Blockchain
Eurapco and B3i launch Unity, the first global risk transfer operational solution developed on blockchain infrastructure
Eurapco, a strategic alliance of eight primarily mutual European insurers, and B3i Services AG, a global industry-led blockchain initiative, have announced the launch of Eurapco Unity, the first global operational solution on blockchain infrastructure, enabling the transfer of facultative risks within a network of companies.
Blockchain has been long touted as a revolutionary technology with the potential to transform the insurance ecosystem by automating processes, increasing efficiency, security, data accuracy, fraud detection, and reducing costs.
The Eurapco Board and its Chairman, Luca Filippone, asked the General Manager of Eurapco, Wilma de Bruijn, to identify an opportunity for blockchain within the alliance. De Bruijn’s first decision was to create a workstream with a specific goal: identify business cases across Eurapco partners where blockchain offers improvements to existing processes, encourages innovation, and helps gaining hands-on understanding of the technology.
“Trust and transparency are fundamental values we cultivate in the alliance and we needed to ensure these principles were further translated into our operations. Exploring blockchain came as a natural step in the creation of tangible and sustainable value for our partners”, said Wilma de Bruijn.
Following in-depth market and technological research, Eurapco selected Marine insurance and reinsurance as areas where blockchain can bring concrete benefits by increasing transparency and security, while significantly reducing administrative effort.
In December, Eurapco, together with its Partners, Achmea, La Mobilière, Reale Group and B3i, delivered the MVP version of Eurapco Unity, enabling the transfer of facultative risks in a network of companies in the Marine Insurance.
Dieter Lammertz, Head of Marine & Fine Art, la Mobilière stated, “A new world of digitalization has opened up for us. Documents are quickly accessed and transmitted to all partners. All data remains in the blockchain and cannot be altered. I am convinced that we will generate considerable time savings and am already excited about what this system can achieve. In future, all accounts and claims handling will also be managed in Unity, saving additional time and resources.”
“Eurapco is pioneering the adoption of B3i distributed ledger technology (DLT) while pushing the boundaries of admin-free risk transfer. The Unity project is just one example of a common DLT use case, and a great showcase for other risk pools. Eurapco acts as a framework enabler, establishing the rules and protocols to be followed by members to share risks in full compliance, as respective requirements are already embedded in the protocol. With DLT removing the need for unnecessary administration, users can focus on adding value,” added Antonio di Marzo, Head of Products at B3i.
John Carolin, B3i CEO commented, “Eurapco has demonstrated a keen interest in understanding how it can use DLT to better serve its members. This is the first bespoke application built on B3i’s Fluidity platform, and we are pleased to see that this has significantly reduced application development time, cost and complexity, enabling us to deliver the same for further B3i partners and third-party application developers. We look forward to further expanding Unity’s functionality.
“Leading Eurapco Blockchain workstream is a great pleasure. We couldn’t have achieved this without the ongoing support of the Eurapco Board, Wilma de Bruijn, B3i and many other colleagues who I would like to sincerely thank for their dedication. We are already looking forward to expanding Unity into new business lines, smart contracts, additional insurers and much more for 2021″, concluded Ivan Lippa, Sr. Programme Manager Eurapco.
SOURCE Eurapco
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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