26Mar18

SCOR Live Blog

Group

Blockchain in 3 minutes

You’ve probably already heard of Blockchain, but do you know what it is and how it works? Régis Delayat, Senior Digital Advisor to the Chairman, explains with the help of a new SCOR video.

 

 
 
“Blockchain can be defined as transparent technology used to store and transmit information, with a goal of enabling secure, automated peer-to-peer transactions. It is based on the use of a decentralized digital data ledger, which is distributed between the parties involved. Blockchain is sometimes presented as the most important invention since the Internet! Other new technology such as artificial intelligence will have just as great an impact on our private and working lives, but there’s no doubt that Blockchain is going to revolutionize all interactions between stakeholders of a same ecosystem.

 

In the insurance and reinsurance industry, exchanges throughout the entire value chain are cumbersome and inefficient, often based on paper or pdf documents that are impossible to integrate directly or without re-keying them into our systems. Blockchain will accelerate the dematerialization and the security of all insurance, coinsurance and reinsurance transactions.

 

SCOR has long been committed to the modernization of processes within our industry: steering the Ruschlikon initiative to develop e-administration in reinsurance, launching a Blockchain proof-of-concept and playing a major role in B3i, the consortium created at the end of 2016 to develop Blockchain within the insurance industry”.

 

Régis Delayat, Senior Digital Advisor to the Chairman