The newest buzz in blockchain development is leaning towards implementations on an enterprise level. Allianz Global Corporate & Speciality SE (AGCS) has confirmed they are building a tokenized ecosystem to utilize the blockchain for insurance payments. This adds to the already existing insurance solutions based on the blockchain, but will be limited to Allianz as a proprietary protocol, as reported by Forbes on August 9, 2019.
Blockchain Dominates Cross Border
Visa’s cross-border network that relies on certain features drawn from distributed ledgers to efficiently execute transactions was a recent instance of an industry Goliath using the technology for global transacting. With the advent of Allianz’s insurance payment system, it now stands without a doubt that blockchain is going to revolutionize global finance.
AGCS is venturing into blockchain to accelerate cross-border payments of insurance premiums and payouts to global customers. The concept would also drastically untangle the complexities in insurance remittance.
Allianz will be developing a native token in hopes to address the obstacles that plague the international remittance market. The token will run on a proprietary blockchain built by blockchain developer ‘Adjoint’. The company hopes to bring mutual benefits to themselves and their customers by making the number of global transactions conducted on a daily basis and operational processes more efficient.
India based Bajaj Allianz already utilizes the blockchain to track flight delays and payout the insurance offered on third-party providers like MakeMyTrip. Since Bajaj Allianz tied up with Travel Ezee, the company running the blockchain, they have seen a multifold increase in the speed at which claims come through and are processed.
Enterprise Blockchain Hype
Walmart has filed a patent for a Libra-esque stablecoin, and even airlines are getting in on the cryptocurrency and blockchain hype.
Enterprise solutions have been a dominant theme in 2019 and now that the technology has earned a degree of legitimacy, it is certain that more global adoption is on the way.