iXledger’s Founding Members Update!
1st Quarter Ending
I would like to start by thanking our community for its support and patience during the initial phase of the company. Some of you have been with us since day one and helped us to understand the token markets and shape our interaction with the community. I am personally very grateful to all of you.
Starting a new company with large-scale ambitions is very challenging. Combined with being funded by an ICO and leveraging bleeding edge technology like blockchain, is making it even tougher. At the same time, this has given us opportunities, the ability to scale up quickly and to attract interest from the insurance markets.
Since January this year, our focus has been to find a way to go to market with the following goals:
- IXT to be leveraged in a fundamental way in the platform
- Provide innovative solutions to the insurance markets as well as the blockchain community
- Work with high-profile & established insurance companies
We have been fortunate enough to find an opportunity which matches the above goals and this has made it necessary to adapt our approach and our platform.
The first version of the iXledger platform is a solution which is slightly different from the longer term vision. It will be based on an inquiry form and associated quantitative assessment model for a very interesting target market. Currently, we have two well-known global insurance partners backing.
If you have followed our updates over recent times, you would have seen that we were joined by senior insurance professionals. Dick Stuip, Asian Regional Director, is now heading up our Singapore office, and which works closely with fidentiaX, our global partner. He has been tasked with shaping up our offering with-in the region and beyond.
In London, we have been joined by Andrew Hodgett, a senior Lloyd’s Insurance Broker and Ciaran Sainty, a senior Canopius Underwriter. We are extremely pleased to have attracted such great talent and this level of expertise we now have onboard sets us apart from our competition.
With all that said, once again, thank you for all of your support! I’ll now pass you over to our Co-Founder, Mikael, to share his views.
Ingemar Svensson, iXledger Ltd, Founder & CEO
How IXT Will Be Utilised
IXTs are a vital part of the iXledger platform, it will allow participants to engage and utilise features and services both within the platform as well as reaping the benefits for what is offered, as result of engaging with iXledger, through their existing customers.
We believe, that an engaged community on our platform, will also enhance our offering and improve product and services alike. The features and utility of IXT will be released and updated very shortly, as the technology development and partnerships will be announced in coming weeks.
In general, we can see that the insurance markets are developing very quickly, also the acceptance of blockchain as a way of conducting business both internal and external is now a matter of fact. Furthermore, we can see how various protocols like Ethereum and cryptocurrencies are starting to emerge as add ons into the offering of various business cases. This is encouraging and exciting for iXledger since it reinforces our vision and business.
The regulatory landscape is also being shaped to accommodate new business adoptions of cryptocurrencies, still very self regulating, but politicians are now taking notes and frameworks are being laid down throughout 2018, which will most likely influence proposed laws with-in certain European countries, that aims to lead development.
Personally, I feel that this one of the most exciting times to be in tech, we still have to allow ourselves to accept failures, we have to embrace success, but overall, we need to be modest and appreciate the good what technology can for the society.
Mikael, Olofsson, iXledger Ltd, Co-Founder
Welcome our other Co-Founder, Cristina Dolan, located in New York.
Blockchain is Harder to Understand Than Most People Think
Over the past quarter, we have spoken to many insurers, reinsurers, underwriters and other members of this vast ecosystem including data and framework providers. There is often a misunderstanding of what blockchain can provide. Many of the systems that are used today for supply chain, trading, marketplaces were built with a specific objective of financial performance or inventory tracking. What is not understood is that many of these systems don’t have the end to end view required for true understandings of risk, because the required data lives in separate silos or systems that belong to other vendors. This fragmentation limits the visibility.
For example, supply chain systems are not built to follow all details and information related to the product journey. There are supply chain systems that belong to outside entities that are part of the product journey, but that data belongs to the other members of the ecosystem, like a shipping company. The information is not easily accessible when it lives in another vendor’s system, which is why it is so difficult for existing systems to reconstruct compliant journeys for products, securities, entities, customers or policies through a complete workflow.
In comparison, the first internet websites sold ads on ‘page views’ and ‘cpms’, while the next generation, which was far more successful, offered to track the customer journey and buyer intent. This offered completely different value propositions, business models and revenue streams from what the first generation internet websites offered. This customer journey created tremendous value. Blockchain offers new entity journeys that provide new insights and value that align with regulatory compliance.
Reducing risk is about data visibility and workflows, and the work we are doing has led to some exciting conversations for insurance, especially in the area of new offerings that are data dependant. Once the role and value of blockchain are understood, companies in the insurance ecosystem get very excited about the opportunity to work with iXledger.
Another area that isn’t well understood is the role of utility tokens within these complex ecosystems. The dynamics across the workflows that enable organisations to control access and the rules associated with their data and transactions using tokens can offer a number of efficiencies.
Our journey as a company has involved a lot of collaboration with our partners, to incorporate these capabilities into a technology that very few people really understand. We are all learning together and recognise the complexity of the multidimensional platform, which makes it a bit more challenging to execute at the speed we are accustomed to with prior generations of centralised technologies.
We are engaging with partners that really understand the many dimensions of this architecture and we are very excited about the future!
Cristina Dolan, iXledger Ltd, Co-Founder