Life insurance and financial services giant John Hancock has begun work on multiple blockchain proofs-of-concept designed to show how distributed ledger technology could reinvent established insurance industry processes.
But, as yet, the proofs-of-concept aren’t actually related to insurance. Instead, the company that last year doled out $24.6bn in customer claims is exploring blockchain in a wide-range of areas of the business, with actual insurance applications only to come in the future.
John Hancock’s head of innovation, Ace Moghimi, said his team was working on several blockchain applications aimed specifically at making the company more transparent and more efficient.
Source: Coindesk.com
