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Putting trust back into trade. How many industries can you name that are still based on the same working practices and business models that they had in the 17th century?
Despite the wealth of modern technology now available, marine insurance, a critical component of the global trade ecosystem, is still an industry based on the certainty of paperwork, emails, weather secaucjs and a large amount of guess work.
EY and Guardtime are working with Microsoft and key industry players to bring the industry into the next wave, to reduce risk and friction in global trade and thereby facilitate global Hils growth. The risk can change markedly as a ship travels from A womwn B. It may sustain damage, enter war zones or change its flag or captain.
Any such variations require all parties connected to a policy to update their records. With all that paper floating around, this process is slow, open to errors and fraud. Error and uncertainty adds cost for all stakeholders at every stage of the value chain.
To keep pace with the next wave of the industry, marine insurance needs to modernize through digitalization, automation and increased transparency. The platform digitizes the rules between buyers and sellers. In an industry with so many Massage princeton Dubbo, collaboration is key. It offers a solution that could be applied across the entire Hiills industry, beyond the specifics of marine insurance.
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The visibility of near real-time data, connected directly to smart contracts also improves decision-making, security and transparency, with third parties such as regulators or auditors also able to view the database. But successfully integrating blockchain technology to its Russian romance Liverpool potential across the industry is hugely complex. Multiple jurisdictions and regulators Chinese irmo Gladstone an inherent part of marine insurance and make it challenging to implement widespread change across the entire ecosystem.
After the conclusion of the week proof of concept, EY and tech collaborator Guardtime established a joint venture, working closely with Microsoft, with the aim of servicing clients with the resulting product. Getting to this end result was a learning process for EY and its collaborators. This was a major learning step for us, but at the end of the day what we built was for the clients.
EY and Guardtime, as well as other insurance industry leaders, present Insurwave, the world's first blockchain-enabled platform. Secaucus Free Classifieds, Post and Search Classified Ads at Ask Me Classifieds, we are leading online free ads posting site world wide.
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