Insureblocks Blockchain & Smart Contracts In Insurance

For this week’s episode, we spoke to Arun Narayanan, Head of Data and Analytics at Ed. This episode provides an excellent insight into the specialty insurance market at Lloyd’s and how blockchain based solutions can streamline processes, generate savings and promote product innovation. Ed Broking is a global wholesale insurance broker which is headquartered in London with offices in China, Dubai, Germany, and the USA.  Ed Broking provides clients with broking facilities for a wide-range of specialty business lines such as aerospace, marine cargo, construction and energy. What is blockchain?  “Blockchain is a distributed ledger that sits on a peer-to-peer network where transactions are validated by every other member in the network.” After providing a technical definition of blockchain, Arun proceeds to explain the benefits and features of blockchain: Blockchain can improve data sharing – Each transaction stored on the distributed ledger must be validated and these transactions are visible to all parties w