Santander redeems $20 million bond using Ethereum – reports

Spanish multinational commercial bank Banco Santander has redeemed a $20 million (£15.2m) bond through the Ethereum blockchain.

According to the company, the move intends to make issuing bonds quicker, efficient and simpler. Santander also said that the bond will remain of the Ethereum blockchain until the end of its one-year maturity.

John Whelan, head of digital investment banking at Santander, tweeted on December 10 that the company had ‘just performed an early...

Figure Technologies closes $103 million series C round to boost blockchain for lending mission

Figure Technologies, a financial technology company announced that it has closed a $103 million (£78.3m) series C funding round led by Morgan Creek Digital and joined by MUFG Innovation Partners and other new and existing investors.

The company’s goal is to help stakeholders lend money through the use of blockchain technologies. Key products include Figure Home Equity Line, which aims to provide approval for a line of credit in as little as five minutes, as well as...

Inter-American Development Bank to use blockchain for land administration in South America

Washington-based Inter-American Development Bank (IDB) has collaborated with blockchain platform ChromaWay on an initiative focused around land administration and registry.

The project, titled “Distributed Ledger Technology (Blockchain): The Future of Land Titling and Registry”, is a two-year initiative that will be carried out in Bolivia, Peru, and Paraguay and will launch in November 2019.

The blockchain project will be closely aligned with the IDB Lab – an...

Samsung SDS pilots a blockchain-based medical claims processing system

samsung blockchain insurance medical

Samsung’s IT solution developer Samsung SDS is expected to roll out a blockchain-based medical claims processing system in October.Yoon Shim, a vice president of Samsung SDS, said at the Blockchain Seoul 2019 event that the firm has been piloting the system since August 2019. Samsung SDS is 22.6% owned by Samsung Electronics and 17.1% owned by Samsung C&T.

Yoon added that medical institutions and insurers have participated in the pilot to validate the effectiveness and the...

CULedger teams up with IBM to offer blockchain services for credit unions

CULedger, a provider of blockchain-based technologies to help credit unions, has collaborated with IBM to use permissioned blockchain technologies to create an immutable audit trail that can be utilised to build new business models.

By creating a permissioned blockchain-based network, CULedger will make the identification authentication, regulatory compliance around KYC, lending and payments processes better and simple so that consumers can conduct any interactions requiring...

Ken Marke, CMO, B3i: From provocation to demonstration with blockchain for insurance

For some industries, the mere mention of the word blockchain over the past couple of years has seen them all but take leave of their senses. Words like ‘disruption’ and ‘transformation’ are bandied around like candy with nary a thought for practical applications, long-term strategy, and what, heaven forfend, might go wrong.

Thankfully, the insurance industry doesn’t appear to have been gripped by this collective madness – if the Blockchain Insurance Industry Initiative...

How will blockchain impact the insurance sector?

what effect will blockchain have on the insurance sector

Insurance is one of the oldest industries, and can be seen as representing part of the growth of the modern business which has come to define societies all over the world. While insurance in a form we would recognise today began with the first insurance contract in 1347, methods for transferring and distributing risk in a monetary economy have been observed in China in the third millennia BC. One thing that has defined the insurance sector over thousands of years is its ability to adapt its...

Allianz successfully prototypes insurance blockchain

Allianz - blockchain - captive insurance

Allianz Global Corporate & Speciality SE (AGCS), the corporate and speciality insurance unit of the German financial services company, has announced a successful trial of ‘captive’ insurance blockchain programme. Captive insurance is a complex area of commercial insurance, where multinational organisations self-insure rather than purchasing schemes from established providers. To do this, the companies create ‘captives’ or programmes that collect together selected assets or...

Sally Eaves, Team Blockchain, on how blockchain, IoT and AI complement each other

Blockchain within the Internet of Things (IoT) is a ‘natural fit’, but there are plenty of obstacles which need to be overcome. That’s the verdict of Sally Eaves, of Team Blockchain, an independent group of experts aiming to help organisations make sense of emerging technologies, from blockchain to artificial intelligence (AI) and robotics, as well as create return on investment and improve competitive advantage. Speaking at the Cisco IoT World Forum in May, Don Tapscott, author of...

First multinational blockchain powered insurance policy announced

Multinational insurance

AIG and Standard Chartered have successfully piloted the first multinational, smart contract based insurance policy. Created in tandem with IBM, the policy, based on Hyperledger Fabric, looks to leverage blockchain to bring increased transparency to the underwriting process. The management of insurance policies that span across multiple legal jurisdictions and countries is a highly complex process. The pilot converted an existing multinational policy into a smart contract that provided...