Despite its relative infancy, the potential for blockchain technology to disrupt the insurance industry and change the way we share data, process claims and prevent fraud is intriguing. Statistics indicate that only 17% of California households carry earthquake insurance even though the likelihood of experiencing losses from an earthquake are high; so can blockchain facilitate trust in such a case? Blockchain and Dapps offer the insurance industry great potential in terms of transparency to streamline the payments of claims and premiums.
These two technologies have the potential to enhance the significant digital transformation that is already taking place in the insurance industry. Data is critical and forms the basis of the industry as well as the transformation. For instance, underwriters and actuaries use the ever expanding space of data to build models which help to accurately estimate risk and then price it accordingly. One of the most exciting models that employ blockchain is telematics. Insurers are making use of data from sensors to help price motor risk more accurately thus helping in reducing the premiums for the young and safer drivers. This technology is even finding application in home insurance. Another example is everledger which uses blockchain to create a distributed ledger that contains a record particular details for precious stones. This ledger has come in handy in helping insurers trace the history of each stone (including any records of past claims made on the particular stone) and thus detect and prevent any fraudulent activities. …
Emerging and re-emerging viruses pose a significant threat to public health and global economies. Moreover, outbreaks caused by emerging and re-emerging viruses continue to increase in frequency as a result of changing socio-economic, environmental, and ecological factors. Notably, the zoonotic viral pathogens, severe acute respiratory syndrome coronavirus (SARS-CoV), Middle East respiratory syndrome coronavirus (MERS-CoV), Ebola virus, chikungunya virus, and Zika virus, have emerged on a global scale in recent years; although less widely publicized, other emerging viral pathogens such as monkeypox virus and Andes virus have led to smaller recurrent outbreaks. A critical challenge for combating these outbreaks is often the discordant relationship between the economic status of outbreak “hotspots” and resource distribution or control capacity within these regions. In addition, the development and delivery of therapeutics for combating such outbreaks have been complicated by both the associated costs in design and development for novel antiinfective therapeutics and the requirements for regulatory approval and licensure. Importantly, emerging infectious diseases present the additional inherent challenge that they are only “emerging”, and thus limited resources are made available for research until they present a significant risk. For many emerging viral pathogens, the requirement for high-containment facilities has further impeded widespread research. …
The independence of society, in the way it develops, characterizes all forms of everyday life energy. From consumer behavior patterns and artistic expression to political planning and responses to challenges. The copying of foreign standards is nowhere near the end of the introduction of directed and controlled outlets without a positive outlook for the host society. It results in sterile and dangerous xenophobia from what we are used to in recent years. And as the great and tragic Greek intellectual Pericles Giannopoulos rightly said, xenomania is unenlightenment.
«Ὡραῖοι Θεοί, οἱ Πρῶτοι Θεοὶ τῆς Φυλῆς, ζοῦν μαζὺ μὲ τὴν ὁλοζώντανη Ἑλλ. …
Register to participate in iBBT — World’s First Open Banking Marketplace Blockchain Bank Open Beta Testing.
All Payment gateways operate on ETH or VISA Testnet.
The Metamask wallet must be set to the Ropsten Network.
Before I begin to expand on my article’s title, I feel it is important to define few terms so everyone can understand when we talk about banks and the blockchain.
What is the definition of ‘Bank’ in financial terms, according to Investopedia
‘A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services, such as wealth management, currency exchange and safe deposit boxes. There are two types of banks: commercial/retail banks and investment banks. In most countries, banks are regulated by the national government or central bank.’
Further breaking down the definition of ‘Bank’, there are few types or classifications of the term…
A historical figure that played a significant role in the Greek revolution against the Ottoman Empire in 1821, was Vassos Mavrovouniotis.
He was born in Bjelopavlic in modern-day Montenegro in 1795. Since his early youth, he joined the Serbian rebel forces and regularly commanded raids across the Balkans. In 1821 he directed a force of 120 men of mixed Serbian, Montenegrin and Greek nationality and joined the early stages of the Greek revolution. His first stop was in central Greece where he met with Nikos Kriezotis, an old-time Greek fellow warrior with whom he was a “Vlami”, meaning spiritual brother. This term comes from the age-old practice in the Balkans where people could become like brothers by performing a specific ritual. In 1822 he participated in the fight against the Turks in Athens where he showed bravery and was widely accepted as one of the best fighters of its period. In 1824 a Greek civil war erupted and Mavrovouniotis joined forces with the government mainly composed by Greeks he knew since the early stages of the revolution. …
The Progenitor of Blockchain Money
In the past 20 years the rapid growth of information technology has created a series of new innovations in the area of retail payments known as electronic money (e- money). This development influenced the banking industry due to the increased use of pre-paid cards, e-purse, and e-wires of money orders, e-banking and e-loans.
These innovations have challenged the predominant role of cash for making small value payments and made retail transactions easier and cheaper for consumers and merchants. However, they also raise a number of policy issues for central banks because of the possible implications for central bank and monetary policy and because of central banks’ general interest in payment systems. This paper provides a definition of electronic money and a description of its key features. …
One of the best things about the blockchain is that, because it is a decentralized system that exists between all permitted parties, there’s no need to pay intermediaries (Middlemen) and it saves you time and conflict. Blockchains have their problems, but they are rated, undeniably, faster, cheaper, and more secure than traditional systems, which is why banks and governments are turning to them.
In 1994, Nick Szabo, a legal scholar, and cryptographer, realized that the decentralized ledger could be used for smart contracts, otherwise called self-executing contracts, blockchain contracts, or digital contracts. In this format, contracts could be converted to computer code, stored and replicated on the system and supervised by the network of computers that run the blockchain. …
The Wall Street industry buzzword of past two years has been “blockchain”.
In less than a decade, blockchain technology grew from an obscure experiment into the hottest topic in the payments industry. The problem is that many people still have trouble wrapping their minds around the concept.
Let’s take this opportunity for a quick overview to spell-out the ABCs of blockchain technology: what it entails, what the tool offers, and why you should care.
According to the existing Banking System data: