The government of Vermont (USA) announced the launch of a blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details project for the insurance system, as reported by CoinDesk.
On Friday, January 11, the state government reported that the Office of the State Secretary of Vermont and the Department of Financial Regulation of Vermont State signed a memorandum of cooperation to study blockchain technology. As stated, the study of technology will focus on its practical application in the insurance and economic fields.
Blockchain-insurance in Vermont
Within the framework of cooperation, a special program will be developed that will help insurance companies and any financial organizations to submit registration and reporting documents using blockchain technology. At the time of testing the program, all organizations are required to keep paper and electronic copies of documents.
As stated by local authorities, Vermont seeks to create a transparent and proven system of work using the blockchain. At the same time, the government’s statement also states that the introduction of innovation will help reduce costs (compared to traditional methods of record keeping).
"The pilot version of the program will allow us to study whether the use of blockchain technology for maintaining digital records can improve aspects of government regulation" – Jim Condos, Secretary of State of Vermont.
The government reported that it has already begun the process of finding developers with technical and consulting experience through RFI.
Recall that Vermont is one of the leading insurance markets in the United States. The state government registers about 20-40 new insurance companies per year.
In Vermont, they reported on creating a blockchain program for insurance. At the same time, in the world statistics on the use of blockchain technology in the insurance industry is growing every year. For example, the city government of South Burlington entered into a partnership with the Propy blockchain startup to test the land registration and insurance system.
Editor: Alyona Nabok