Header Ads

Trust God

European Insurance Sector .....Partner DELOITTE on Blockchain to Protect Data


A group of fourteen European insurance providers have partnered together with Deloitte and other firms to provide a simple system for insurers to comply with the Hamon Law, with requires insurers to provide simple transfers for clients who wish to change companies during the first year.

The system will allow for highly secure information storage for customer data. The newest regulations from the EU, called General Data Protection Regulation (GDPR), will take effect in 2018, and could impose massive fines on companies that aren’t particularly protective of consumer data. The Blockchain technology platform will do what other technologies cannot in data protection.

The platform specifically relies on the Proof of Process technology in order to secure user data through a shared data repository. The system will limit data release to the absolute minimum for processing transactions. With increasing need for security, Blockchain is bringing substantial change for the insurance sector.

As Adam Perlow, Founder and CEO of Zen Protocol, said “If the insurer sets some money in a smart contract, and the contract pays out based on the occurrence of an event as determined by an objective actuary/oracle, then there is no need for novel incentive schemes, the insurer simply cannot avoid the payout. 

In the long run, it is expected that the technology will be adopted by other  insurance companies.

Powered by Blogger.