Hype or the future of insurance?

Likewise, insurance policies on a smart contract through a blockchain could revolutionize the way policy wording is developed, distributed and …
Hype or the future of insurance?

IBC caught up with Gallagher Canada’s Mark Morency to find out what they really mean for the insurance industry.

IBC: How have insurers responded to blockchain and cryptocurrency clients?

Mark Morency:
With any emerging technology, insurers struggle to underwrite it because of its limited track record. Some insurers are open to blockchain; however, there are only a select few that will consider cryptocurrency clients. Blockchain is the engine for cryptocurrency, along with other security applications, so not all blockchain companies are a cryptocurrency risk, but that’s not always clear for insurers. There is a large client base that specializes in specific blockchain applications, including aspects of cryptocurrency, so when working with insurers, we work hard to understand the client’s business and differentiate their value proposition. I’ve spent a lot of time speaking with insurers to establish the credibility of these clients.

IBC: Will blockchain or cryptocurrency affect the insurance industry?

MM:
In any industry where identity management, trust between counterparties and fraud prevention are required, blockchain is a tool that can potentially resolve these issues. These are all characteristics that are important for insurance. For example, both claims and policy issuance can be significantly improved; if you look at the way proof of claim and forensic accounting occur after an event, it can be very time-consuming and expensive. Blockchain solutions can remove much of the reconciliation requirements, turning claims management into an almost instantaneous process. Likewise, insurance policies on a smart contract through a blockchain could revolutionize the way policy wording is developed, distributed and understood.

Cryptocurrency is a means of exchange that’s not necessarily being used on a large scale. If you look at North America, especially in the US, users of the currency and the SEC have treated it as an investment product, which is very different than how it is being treated in some other countries. It is better understood as a means of exchange or form of liquidity. Cryptocurrency can be thought of as internet-enabled cash. There’s a lot depending on regulation as to how cryptocurrency will find its place in the world. At this point, it is too early to say if it will have any meaningful role in insurance.

IBC: How will blockchain and other technologies impact financial institutions in the years to come?

MM:
This is why financial services is such an exciting industry: The most interesting trends are both invention – that is, creation of new technologies – and innovation, or creating new ways of using technology. For example, payment systems within banking – right now, a small fraction of the world’s payments happen on cryptocurrencies. While it is a new phenomenon that banks and insurers should monitor and be aware of, it is not yet a big disruptor in the payment system. Payment technology is already very advanced on the front end for consumers but hasn’t changed much for many years on the back end – behind the scenes. The payment industry is going to be impacted by both technology invention and innovation.

A growing number of transactions occur, and will occur, on smart contracts, and a growing amount of activity will be recorded on a blockchain. These are innovative uses of technology, not new technologies. While we focus on these technologies, the largest trends are happening right under our noses.

The trend to watch is who controls the payment system. In March, FIS made a deal to buy Worldpay, which alone processes more transactions than the largest American banks. Merchant processing was a business dominated by banks until they sold these divisions over the past few decades. Increasingly, the merchant processor is not a bank, yet the merchant processor owns that merchant relationship, and the payment processor, which is essentially the plumbing for the payment system, controls the client relationship. With the growth of e-commerce and blockchain eventually allowing for trusted transactions without an intermediary, this leaves the payment processors in a powerful position to take the client relationship away. I believe the long-term play between FIS and Worldpay is about having a global standard for multinational corporations to deal with, which will have a significant impact on the financial services industry.

New innovations are also supplemented by new tech such as AI, intelligent voice recognition and emulation, Big Data, and eventually quantum computing. The speed and scalability issues that innovations such as blockchain face today are going to become irrelevant because of new inventions. How many hours within financial institutions are spent on reconciliation, answering calls or fraud detection? All of these activities can be better done by tech that exists today and is coming to financial institutions in the very near future.

As these technologies evolve, financial institution companies are implementing them, and directors and officers have to consider the impact on their brand and reputation. Providers of tech have to meet increasing amounts of scrutiny of their insurance policies when supplying financial institutions. Brokers and insurers have to also consider the advice we are providing and whether we are advising appropriately on cyber and D&O insurance.

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Fast Access Blockchain Price Changed by -1.93 percent

Fast Access Blockchain FAB/USDT on Bithumb Global exchange is 0.01. The trading volume on Bithumb Global is 8618101.00. In this regard, 24 hour …

As at 2019-08-08 average Fast Access Blockchain price is 0.04487539 USD, 0.00000379 BTC, 0.00019999 ETH.

Fast Access Blockchain average change within 24 hour is -1.93 against USD, -3.32 against BTC, -1 against ETH. Weekly report: -19.78 against USD, -31.96 against BTC, -22.79 against ETH. Monthly report: -49.68 against USD, -48.09 against BTC, -30.32 against ETH.

It’s noteworthy that is issued into circulation Fast Access Blockchain.

Fast Access Blockchain FAB/USDT on Bithumb Global exchange is 0.01. The trading volume on Bithumb Global is 8618101.00.

In this regard, 24 hour trading volume is 673.13085000 USD or 0.05685000 BTC. At the same time Fast Access Blockchain market capitalization is 1270876 USD or $107 BTC.

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IoT and Blockchain Market Expected to Witness the Highest Growth 2024

Market Segment by Applications, can be divided into. Smart Contract. Data Security. Data Sharing/Communication. Asset Tracking & Management.

Overview of IoT and Blockchain Market

The research report titled ‘IoT and Blockchain Market’ provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability.

The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market. The report includes the forecasts, Analysis and discussion of important industry trends, market size, market share estimates and profiles of the leading industry Players.

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Top Key Players in IoT and Blockchain Market:

IBM, Microsoft, Intel, Amazon, Cisco Systems, Ethereum Foundation, The Linux Foundation, Filament, KrypC, Iotex, Factom

IoT and Blockchain Market Key Segments include:

Market Segment by Regions, regional analysis covers

North America (United States, Canada and Mexico)

Europe (Germany, France, UK, Russia and Italy)

Asia-Pacific (China, Japan, Korea, India and Southeast Asia)

South America (Brazil, Argentina, Colombia etc.)

Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Market Segment by Type, covers

Hardware

Software

Market Segment by Applications, can be divided into

Smart Contract

Data Security

Data Sharing/Communication

Asset Tracking & Management

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Table of Content

  1. Market Overview
  2. Manufacturers Profiles
  3. Global IoT and Blockchain Sales, Revenue, Market Share and Competition by Manufacturer (2017-2018)
  4. Global IoT and Blockchain Market Analysis by Regions
  5. North America IoT and Blockchain by Country
  6. Europe IoT and Blockchain by Country
  7. Asia-Pacific IoT and Blockchain by Country
  8. South America IoT and Blockchain by Country
  9. Middle East and Africa IoT and Blockchain by Countries
  10. Global IoT and Blockchain Market Segment by Type
  11. Global IoT and Blockchain Market Segment by Application
  12. IoT and Blockchain Market Forecast (2019-2024)
  13. Sales Channel, Distributors, Traders and Dealers
  14. Research Findings and Conclusion
  15. Appendix

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South Korean Cryptocurrency Exchange Collaborates with two Companies; Aims at Enhancing …

Both the companies will offer ‘public disclosure information’ and ‘smart contract audit information’ for digital currencies registered on Coinone.

The leading crypto exchange firm of South Korea, Coinone has teamed up with two companies, namely, CertiK-a cybersecurity audit company and Xangle – a disclosures firm to improve security and transparency attributes.

As per the Coinone announcement on August 7, the company has inked a deal on white paper with CertiK and Xangle. Both the companies will offer ‘public disclosure information’ and ‘smart contract audit information’ for digital currencies registered on Coinone.

As part of the collaboration, Xangle will function on project transparency and investor protection, and CertiK will monitor the security of the program, project information security, technology validation, screening process, and other.

The report for Xangle mentions that the company will offer security for crypto traders and also enhance the transparency of the projects. The disclosures might contain information about new tokens, investment stocks volatility, modifications in a project’s business framework, and token governance.

CertiK will examine projects at the code level and will carry audits of project registered on Coinone, according to the company announcement.

South Korea’s no.3 cryptocurrency exchange mentioned,

Coinone strives to establish a listing system and strengthen the public function of the exchange (market surveillance, disclosure, and internal listing) in order to harmonize the two goals of actively listing cryptocurrency and securing investor confidence.

The move comes after three major cryptocurrency firms. Namely, Bithumb, Upbit, and Korbit, along with Coinone, are facing difficulties in updating their bank accounts in the country. The South Korean banking organizations are now requesting for a demand standards from crypto exchanges, following the new guidelines of Financial Action Task Force (FATF). According to new FATF guidelines, it makes crypto exchanges officially responsible for any identified money laundering operations. The limitations are so strong that small scale crypto exchange firms might find it difficult to stand.

Recently, it was reported that the South Korean Financial Intelligence Unit of Financial Services Commission is considering monitoring of the crypto exchanges directly.

Coinone other Developments

Earlier, it was reported by a source, Coinone had revealed its plan to grow its business across Indonesia, in April 2018. The crypto exchange outlined to back six digital currencies in June after launches such as Bitcoin, Ether, Bitcoin Cash, Litecoin, Ethereum Classic, and Quantum.

On the other side, payment business of Coinone and Coinone Transfer- subsidiary cryptocurrency exchange has collaborated with SBI Ripple Asia to simplify blockchain remittance in the country. The new platform is named as ‘Cross’ that will enable customers to send remittances across 8 nations also in Thailand, the Philippines, and China.

According to the information, in the local South Korea press mentions that the main issue for Coinone is the risk that the coins would launch viruses by itself in the crypto exchange and enable to hack it.

About CertiK

CertiK – a US-based company, established in 2017. The company has two members and a co-founder, Ronghui Gu. The blockchain-based cybersecurity startup firm has received investment from Binance Labs and Consensus Labs. CertiK is already operating in South Korea. Back in June 2019, the firm reached a deal with the local blockchain platform, FLETA in order to improve the systems of the company and help protect other components of its system.

Apart from partnering with Coinone, CertiK also introduced a native blockchain on 22nd July.

About Xangle

Xangle is cryptocurrency disclosure firm, headquartered at Seoul. The company offers ‘tear-sheet-style’ details of tokens structure and fundamentals such as formal name, important people, registered address, pricing, and important events.

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‘A Framework’: UK Issues Cryptocurrency Guidance

The regulatory framework for Bitcoin and other digital assets continues to … as much regulatory pushback as Facebook’s proposed virtual currency.

The regulatory framework for Bitcoin and other digital assets continues to evolve globally, albeit slowly.

The U.K. financial services regulator, the Financial Conduct Authority, finalized its guidance on crypto assets in July, clarifying which tokens fall under its jurisdiction.

The recent announcement from the FCA classifies cryptocurrencies such as Bitcoin and Ethereum as “exchange tokens.” They are not regulated, although anti-money-laundering rules still apply.

The FCA has proposed banning the sale of crypto-derivatives to retail consumers and is proposing rules to address the sale of derivatives and crypto exchange-traded notes.

Three Expert Takes

Aries Wang, CEO and co-founder of Bibox, a digital asset exchange, said in a statement: “The FCA is by no means driving regulatory change but as an influential force in the European market, we foresee the typology and guidance being rolled out as an industry standard. The paper critiques a supposed inherent intention to remove token holder rights in the case of what the FCA categorizes as ‘exchange tokens,’ the umbrella term for cryptocurrencies, crypto coins and payment tokens.”

Charles Phan, the founding engineer of Interdax, a cryptocurrency exchange, said: “Given how the FCA has listened to the industry about which tokens to regulate, actively seeking industry feedback, it is unfortunate they have taken a blanket approach regarding crypto derivatives.”

Crypto derivatives are a “field ripe with innovations benefiting the retail investor,” and it would be unfortunate for U.K. firms to be excluded due to events experienced in the regulated financial world, he said.

“While the guidance seems sensible and aligned with the approach taken in several other countries, their proposed ban of derivatives built on top of the ‘exchange tokens’ seems excessive, ill-suited and could simply push innovation overseas,” he said.

“These products will continue to thrive in the coming years to potentially become the most valuable niche of the crypto ecosystem, replicating what happened in the traditional markets. If the FCA is too stringent on in-demand crypto assets, it risks further isolating itself from a rapidly growing and highly fruitful market.”

Iain Wilson, advisor to NEM Ventures, the venture capital and investments arm of the NEM blockchain ecosystem, said in a statement: “Repositioning the token taxonomy to distinguish security tokens from e-money tokens is positive; regulation for securities should be structured differently from payments,” he said.

“The overall guidance provides a framework for distinguishing between regulated and unregulated tokens, as well as detailing the firm and individual activities that fall within the scope of FCA authorization. Whilst some survey respondents continue to look for global regulatory harmonization, we feel that this is unlikely in the foreseeable future.”

Facebook, Walmart Jump On Digital Asset Bandwagon

In the U.S., Facebook, Inc. (NASDAQ: FB) and Walmart Inc (NYSE: WMT) have both made an extremely bold move into the cryptocurrency space with the planned launch of digital coins.

This has drawn interest from regulatory authorities in the U.S.

In July, Facebook faced scrutiny in a Senate hearing over its plans for the Libra cryptocurrency.

Walmart Coin

In contrast, the reaction to the Walmart Coin has been more agreeable.

Bloomberg reports that Cowen analyst Jaret Seiberg has said that Walmart’s proposed digital coin should not face as much regulatory pushback as Facebook’s proposed virtual currency.

Libra and Walmart’s crypto proposal differ in scale, the analyst said: Facebook has global intentions that do not appear to be shared by Walmart.

CoinCorner CEO Danny Scott said Walmart has filed a patent for a U.S. dollar-pegged stablecoin.

“While the publicity is obviously good news for the crypto industry, we believe it is a waste of time and resources for these companies — something that will eventually show as time passes. There are already a number of decent stablecoins out there, all doing exactly the same job,” he said.

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