The tech giants that already know everything about you, and now they want to be your banker, too. What could possibly go wrong?
-
-
Bringing smart contracts to consumer loyalty rewards programs
Blockchain-as-a-service provider Loyyal is betting distributed ledger technology can reduce costs and improve customer satisfaction
Consumer loyalty is a business that Greg Simon, the founder and CEO of Loyyal, thinks is ripe for disruption by blockchain technology, and particularly smart contracts.
-
Flaming car wrecks may be a metaphor to describe cryptocurrencies but auto insurance claims may soon be powered by blockchain technology (via Pixabay).As industry contemplates DLT, State Farm test drives blockchain technology for auto insurance
Streamlining complex policies and processes, as well as fraud prevention, are also prime insurance uses
On Dec. 10, insurance giant State Farm announced that it is testing a blockchain-based solution to improve the speed and accuracy with which auto insurance claims are settled. In testing the solution, the largest provider of auto insurance in the United States is following up on several years of study and interest by the insurance industry in ways the distributed ledger technology underlying blockchain and cryptocurrencies can benefit various lines of coverage offered by the multi-trillion-dollar industry. Specifically, State Farm is looking into blockchain’s use in subrogation, the process by which the at-fault insurer compensates the injured party’s insurer for costs paid to settle a damages claim. “Today, subrogation is…
