EY, Guardtime to Set Up World's First Shipping Insurance Blockchain Platform in Beijing
Dou Shicong
DATE:  Sep 07 2017
/ SOURCE:  Yicai
EY, Guardtime to Set Up World's First Shipping Insurance Blockchain Platform in Beijing EY, Guardtime to Set Up World's First Shipping Insurance Blockchain Platform in Beijing

(Yicai Global) Sept. 7 -- EY, one of the Big Four accounting firms, and Singapore-based blockchain company Guardtime Pte Ltd. said that they will establish the world's first shipping insurance blockchain platform in Beijing to lay a basis for their business innovation in the Asia-Pacific region's insurance market.  

Institutions and enterprises engaged in the project include logistics firm A.P. Moller-Maersk Group, the American Insurance Association, and Microsoft Corp. [NASDAQ:MSFT]. The system will go through a 20-week technological examination and is set to go into operation next year, Cnstock.com reported yesterday.

The emergence of blockchain platforms may benefit the shipping insurance sector. Shipping insurance businesses frequently involve transnational operations. Blockchain platforms will held many parties working across time zones transmit information and reduce the number of data inconsistencies, accounting issues and errors.

Many insurers and regulators in the Asia-Pacific region are expecting more fintech solutions for insurance companies. Fintech can improve their operational efficiency and risk management capacity, while cutting their costs and improving user experience, said Zhao Xiaojing, director of EY's Asia-Pacific insurance department.

"Insurance transactions are currently far too tedious and frictional," said Lars Henneberg, head of risk and insurance at Maersk. "The distance between risk and capital is simply too far. Blockchain technology has the potential to facilitate the desired development that is long overdue."

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Keywords:   EY,Guardtime,A.P. Moller-Maersk,Beijing,BLOCKCHAIN