Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at [email protected]

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

SmartContract – using blockchain technology to create self-verifying and self executing contracts

[ff_author_box_style2]

In Action Summary

SmartContract is a San Francisco based startup that is harnessing blockchain technology to create self verifying contracts.

Founded in 2014, SmartContract enables easy-to-use, secure and highly auditable connectivity between blockchain initiatives such as Ethereum or Bitcoin, and the existing data sources or internal systems that smart contracts need to become immediately useful.

SmartContract enables easy to use, secure and highly auditable connectivity between blockchain initiatives such as Ethereum or Bitcoin, and the existing data sources, internal systems that smart contracts need to become immediately useful

SmartContract enables easy to use, secure and highly auditable connectivity between blockchain initiatives such as Ethereum or Bitcoin, and existing data sources or internal systems that smart contracts need to become immediately useful.

Built on the same principles and infrastructure that allows Bitcoin to fight payments fraud, smart contracts are self-executing agreements, stored on the blockchain upon which exists multiple validation points. These blockchain-based contracts are therefore capable of self-verifying their own conditions and contractual agreements, whilst simultaneously remaining tamper resistant due to the lack of a single point of failure.

Essentially, SmartContract’s hypothesis is that the principles upon which blockchain technology is based makes it very applicable in the insurance sector due to its ability to validate external events and process transactions seamlessly. Furthermore, several use cases are already under development as insurers jostle to benefit from the efficiencies associated with servicing a fully automated smart contract that is validated through multiple data points.

Essentially, although Blockchain offers a permanence that was once only possible though paper trails and trusted authorities, startups engaging blockchain as a core ingredient in their offering will need to tread carefully so as to avoid the fate of other blockchain based startups such as Mt Gox who expanded too quickly and exposed themselves to cyber attacks exploiting weaknesses in blockchain’s early stage infrastructure.

More on Blockchain

References

Comments

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in