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Blockchain, a public record of all bitcoin digital currency
transactions, can also be used to track assets across
industries. Over the last two years, Bitfury has been helping
national governments put data on a blockchain.
"Blockchain technology can bring transparency and security to
the insurance industry, and can be a catalyst for new insurance
business models," Bitfury Chief Executive Valery Vavilov said in
a statement.
While the insurance industry writes more than $5.5 trillion in
annual premiums worldwide, most natural, man-made and emerging
risks remain unfunded or underinsured by established insurers
using old systems and technologies.
The partnership will initially explore putting cyber-insurance
and political risk activities on a blockchain-based system, Risk
Cooperatives founder and CEO Dante Disparte said in an email.
"This system will speed up the underwriting process on a secure
platform."
In April, Bitfury announced a partnership with Ukraine to put a
wide range of government data on a blockchain platform. A year
earlier, Bitfury signed an agreement with Georgia to pilot the
first blockchain land-titling registry.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard
Chang)
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