IBM & AIG to develop blockchain-based insurance policy

posted 4 months ago
Insurer AIG has partnered with IBM to develop a "smart" insurance policy that uses blockchain to manage complex international coverage.

AIG and IBM completed a pilot of a so-called "smart contract" multi-national policy for Standard Chartered Bank PLC which the companies said is the first of its kind using blockchain's tech.

The Standard Chartered policy uses blockchain to facilitate sharing of real-time information for a main policy written in the United Kingdom, where the bank is headquartered, and three local policies in the United States, Singapore and Kenya.
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