EY and Guardtime, as well as other insurance industry leaders, present Insurwave, the world's first blockchain-enabled platform. This platform integrates and secures the streams of disparate data sources involved in insuring shipments around the world. The service that resulted from the proof of concept has added significant value for businesses throughout the value chain of marine shipping.
Maersk, the end client for insurance services, will benefit directly from more accurate premiums and faster claims processing. Insurers and reinsurers see the accuracy and quality of their data dramatically improved, with automation vastly reducing time-consuming administration. This frees up employees to develop value-added services and push forward innovative solutions for clients and their own business. The visibility and transparency created by the blockchain-enabled platform generates a greater level of trust between all companies in the value chain, opening the door to more collaboration and innovation.
However, understanding of blockchain and its potential is still a major barrier to greater implementation in businesses. Introducing a hugely disruptive technology to any long-established industry with existing databases and relationships will inevitably be challenging.
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This is why collaborations with Maersk, who are actively looking to drive innovation and identify digital transformation opportunities in their industry, proved so crucial in bringing the platform to fruition. The potential of this platform goes beyond specialty insurance and sets a precedent and method for companies and sectors to converge and fuel further innovation.
The ability of blockchain to create a digital record of a real-world objects lends itself to any sector where there is a supply chain of physical goods — from automotive to aircraft manufacturers to diamonds. Mr Hikmet was chosen from a field of five category winners and received his award at a gala banquet in Auckland on Thursday. Visit the newsroom. EY Client Portal. EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over.
We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. For more information about our organization, please visit ey. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice.
Please refer to your advisors for specific advice.
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