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American International Group Inc. (NYSE: AIG), IBM (NYSE: IBM) and Standard Chartered Bank plc have announced the successful pilot of a multinational, smart contract based insurance policy using blockchain technology based on Hyperledger Fabric.
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The developers converted a multinational, controlled master policy written in the UK, and three local policies in the US, Singapore and Kenya, into a ‘smart contract’ that provides a shared view of policy data and documentation in real-time.
Rob Schimek, CEO of Commercial, AIG, said: “Our pilot proves blockchain has a powerful role to play in ... (read more)