Ernst u0026 Young combined with Maersk in the use of block chains in marine insurance


nnnIn recent days, Ernst u0026 Young announced that it would work with Microsoft, Maersk and other companies to develop a marine insurance chain chain platform. The block chain solution will be based on Microsoft’s cloud technology, hoping to simplify the tedious marine insurance process and in the future to further apply it to a wider range of insurance industry. At the same time, Ernst u0026 Young also pointed out that the initiative has also been more and more intense competition in the block chain, in order to maintain the advantages and achieve a breakthrough, we must seize the opportunity to make some achievements.n
nnTranslated by: Inan
nThe audit giant Ernst u0026 Young announced on Wednesday plans to work with Microsoft and Maersk to launch the first offshore insurance chain chain platform.n
nDistributed books will be used to collect information about shipments, risks and responsibilities and to help companies comply with the insurance regulations.n
nIt will also ensure the transparency of the Internet, including customers, brokers, insurers and other third parties.n
nErnst u0026 Young explains that they have decided to use block chains to protect marine insurance data because the field “is too low.”n
n”We chose maritime insurance as the starting point for creating this market because it was inefficient,n
nCrawford said the industry has been operating in “overloading” and has produced a lot of costs.n
nHe added:n
nn”The field is faced with a heavy administrative burden because the writing and management of the complaint requires a lot of paperwork, and all contracts are to be signed many times, involving multiple vessels and multiple ports, round and round around. “n
nnDistributed books are data groups that can be shared across multiple locations, without the need for central authorities and other intermediaries.n
nThe original block chain is traded as a distributed bookkeeping service. However, many block chain experts believe that this technology can provide transparency for different industries, its role is not limited to financial services.n
nErnst u0026 Young’s Crawford added:n
nn”What we are talking about is not a new currency, not money, but data aggregation.”n
nnMaersk believes that this block-chain platform will enable it to maintain a healthy relationship with the insurance market.n
n”Using technology to streamline and automate our interaction with the insurance market is our top priority,” Lars Henneberg, head of risk and insurance at Maersk, said in a statement Wednesday.n
nn”Insurance transactions are now too complicated and full of resistance, and the distance between risk and capital is too far away, and block – chain technology has the potential to drive the development of the area to be developed.n
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nBlock chains can benefit a wider range of insurance industriesn
nAccording to Ernst u0026 Young, marine insurance has been dependent on the transfer of contracts between ports, so that it can be successfully signed.n
nErnst u0026 Young has been working closely with software security company Guardtime to develop a chain-chain platform.n
nGuardtime expressed the hope that it would be able to extend it to a broader insurance industry after the first marine insurance deployment of the block chain.n
nBefore announcing the announcement, Guardty CEO Mike Gault told CNBC by e-mail. “Initially, we focused on marine insurance because of its complex transnational ecosystem, involving multiple participants, multiple jurisdictions, high volume And highly coordinated, making it ideal for developing block chain solutions. “n
n”Next, we expect it to be promoted in other areas of the insurance market, because these areas have obvious common interests and characteristics.In fact, the block chain can be applied to any business with high value assets.”n
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nBased on Microsoft Azure to build the block chainn
nThe block-chain solution is based on Microsoft’s cloud platform Azure.n
nCloud technology allows companies to store data and software over the Internet rather than hard drives.n
nErnst u0026 Young’s digital book concept validation was completed in March.n
n”When we built this proof of concept, we created a prototype on Azure to make sure everything was operational and safe, and what we are doing now is building it,” Crawford said.n
nn”We want to provide the most powerful cloud service on the market, which is why we chose Microsoft to work together.”n
nnGuardtime said Microsoft’s cloud technology provides a secure network for building block chains.n
n”Any new system waiting to be implemented needs to be built using the correct model, which must be robust and scalable to coexist with existing IT infrastructures or systems,” Gault said.n
nn”This is why Azure and its cloud technology can help us do not involve performance or flexibility, and that’s why it’s so important to work with Microsoft.”n
nnMark Azinovish, chief technology officer at Microsoft Azure, said the chain chain has the potential to become “transition” technology.n
nHe said:n
nn”Microsoft believes that the block chain is a transformation technology that can significantly reduce business resistance, especially in favor of simplifying business processes across multiple organizations.”n
nnn”Marine insurance is a classic example of a complex business process that can be optimized with a block chain.”n
nnInsurers MS Amlin and XL Catlin also worked with Ernst u0026 Young in the project, and the insurance industry ACORD (Cooperative Operations Research and Development Association) was also involved.n
nThe block chain solution is scheduled to begin in January 2018.n
nThe competition of building large-scale distributed books network becomes more and more intense.n
nFor example, IBM has announced in August with Nestlé and Unilever and other food giants, the use of block-chain technology to track food transport.n
nErnst u0026 Young told CNBC that the decision was made in advance because other industry participants were doing similar actions.n

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