One of Japan’s largest insurance companies, Tokio Marine & Nichido Fire Insurance, and IT firm NTT DATA have completed a trial that put the paperwork for marine cargo insurance claims on a blockchain.

Tokio Marine & Nichido said in a press release Wednesday that its blockchain proof-of-concept (PoC) had seen participation from eight overseas claims-settling agents and surveyors located in Europe, America and Asia.

The key goal of the project was to achieve faster insurance payouts by providing a system to collect and share the required information “promptly and accurately” with involved parties located internationally.

Currently, the process of filing a marine cargo insurance claim is carried out manually, involving agents collecting the required documents, including damage reports, invoices and insurance policies, in paper form or PDF files. The documentation is then shared with surveyors via email.

Aiming to revamp this slow and inefficient process, the two firms said the trial allowed them to quickly share all the information required for a claim – including larger files like photographs of damage to cargo – with the agents and surveyors.

The blockchain system ultimately allowed insurance payout period to be reduced from over a month to “one week at most,” while performance and operational efficiency was improved, the release states, adding:

“We have confirmed the effectiveness of blockchain technology in marine cargo insurance claims procedures through this PoC.”

The two companies first announced the project in October last year and carried out the trial from November 2017 to August 2018.

The firms said they expect to continue to work on platform going forward, and aim to achieve the “practical use” of the technology in financial year 2019.

This post is credited to coindesk

By Helen Partz
Japan’s SBI Group to Develop Crypto Derivatives Platform Following New Investment
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Japan’s SBI Group to Develop Crypto Derivatives Platform Following New InvestmentNEWS
Japanese financial services giant SBI Holdings will expand its crypto business portfolio by acquiring a 12 percent stake in Clear Markets, according to SBI’s financial results report published July 31. SBI is scheduled to acquire up to 20 percent in the future.

Clear Markets is a U.S.-based electronic trading platform developer and operator that offers over-the-counter derivatives electronic trading services in the U.S., U.K., and Japan.
SBI’s new stake in Clear Markets is part of an effort to create a cryptocurrency derivatives trading platform catered toward institutional investors. The platform will reportedly allow financial institutions to trade more smoothly on the crypto derivatives market.
Clear Markets will provide hedging for cryptocurrency swap transaction services which is “necessary for the handling of cryptocurrencies and financial instruments that use cryptocurrencies.” In the report, SBI Group noted that the increased use of cryptocurrencies and its derivatives will increase liquidity levels.
While the price of the stake was not disclosed, according to Nikkei Asian Review, it is likely worth around $9 million.
Clear Markets is planning to launch а crypto swap trading service and holds a swap execution facility (SEF) license from the U.S. Commodity Futures Trading Commission (CFTC) and derivatives brokerage in the U.K. and 32 countries in Europe. The company is an an affiliate of QUICK Corp. which is a subsidiary of Japan’s Nikkei Inc.
SBI has invested in more than 20 crypto crypto-related projects over the past year, and formally launched the public version of its cryptocurrency exchange VCTRADE July 17.
Japan is one of the leading countries in terms of cryptocurrency adoption. According to Clear Markets chief executive Mark Brickell, “as much as 50 percent of cash trading in cryptocurrency,” has taken place in the country.
Last week, the Japan Virtual Currency Exchange Association (JVCEA) announced it will require its member exchanges to place limits on the trading activity of some clients in an attempt to prevent investors with “small assets” from suffering heavy losses.