Mutual of Omaha officials had been researching Bitcoin for about a year or so before changing their focus to blockchain.
As bankers realized that the versions of the technology beneath Bitcoin could be used for operations pertinent to their financial institutions – such as storing and validating information – they began to rethink the services they offer, such as insurance and reinsurance, which insures the insurers.
“A blockchain would be able to immediately know who was covered for how much and share that information back and forth between the insurer and any number of reinsurers,” said Brian Poppe, Vice President of Innovation Strategy at Mutual. Such efforts today take manpower. If they were on the blockchain, bank officials surmise not as much effort would be needed.
Poppe argues that blockchain means “everyone has access to the same information nearly instantaneously.”
With this excitement in mind, a forum called “New Kids on the Blockchain” will bring together officials from companies like IBM, Union Pacific, Ernst Young and futures-exchange operator CME Group to explore blockchain further. Many Bitcoin
Read more ... source: CryptoCoinsNews
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