NEW YORK — U. S. technology company The Bitfury Group said on Friday it had formed a strategic partnership with
advisory firm Risk Cooperative to use the blockchain digital ledger in the $60 billion insurance broking market.
Bitfury Chief Executive Valery Vavilov said that Blockchain technology can bring transparency
and security to the insurance industry, and can be a catalyst for new insurance business models,
U. S. Tech Firm in Blockchain Tie-Up With Insurance Advisory Firm -
By REUTERSJUNE 16, 2017, 8:03 A. M. E. D.T.
The partnership will initially explore putting cyber-insurance
and political risk activities on a blockchain-based system, Risk Cooperatives founder and CEO Dante Disparte said in an email.
While the insurance industry writes more than $5.5 trillion in annual premiums worldwide, most natural, man-made
and emerging risks remain unfunded or underinsured by established insurers using old systems and technologies.
In April, Bitfury announced a partnership with Ukraine to put a wide range of government data on a blockchain platform.
