Insureblocks Blockchain & Smart Contracts In Insurance

For this week’s episode, we spoke to Steve Pomfret, CEO at Cygnetise. Steve describes himself as a “process guy” with over 18 years of experience in bringing about operational change (efficiency and de-risking) at reputed banks and brokerage firms. After learning about blockchain, Steve spotted an opportunity to apply his skills and learnings together with blockchain to streamline processes within the financial ecosystem.  Presently, Cygnetise has one blockchain application used for management and distribution of authorized signatory lists such as delegated authorities, bank mandates etc.   What is blockchain? According to Steve, blockchain has 4 pillars – Decentralised database A centralized database allows users with requisite permissions to add, remove, edit and view data (think of a spreadsheet on your computer!) A decentralised database is not owned by a single party. Hence, each party, with requisite permissions, can add and view data. There is a record (time-stamped audit trail to document m