AXA uses the Ethernet segment to develop new aviation insurance products


nnnIn the wake of the break: French insurance giant AXA released a new flight delay insurance products, the use of public ether square block chain storage and processing insurance claims. Using the APF Smart Contract to store insurance contract records, automatically triggering flight delays claims. Through the automatic trigger mechanism to ensure transparency of the process, increase customer confidence in the insurance company. In the future, AXA Group may use the currency for insurance compensation.n
nnTranslation: Annie_Xun
nFrench insurance giant AXA (AXA) has released a new flight delay insurance product that uses the public etherfront block to store and process insurance claims.n
nProduct name “Fizzy”. Is known as the “smart insurance” for passengers who have used more than two hours of claims for flight delays. The product cleverly uses smart contracts to meet the specific conditions of the block chain to trigger the implementation of the code automatically.n
nAXA said that the ether tower public chain here played two key roles. It maintains accessible insurance contract records in smart contracts and is a mechanism that triggers passenger compensation after more than two hours delay.n
nAXA on behalf of Jean-Baptiste Mounier wrote in the message:n
nn”The smart contract determines whether we should compensate the insured and send a request for payment to our system. The use of a smart contract to trigger claims can increase the trust between the insurance company and the insured.”n
nnThe final AXA sees the release of the product as a way to achieve transparency in the insurance process.n
nn”Building a customer-oriented product is the goal set by the AXA. By eliminating the liability for insurance, we will use the APF Smart Contract to trigger compensation, and we will increase our customer confidence in AXA.”n
nnFuture AXA Consider other ways of using the etherchard block chain for Fizzy products.n
nThe current Fizzy insurance claims use the government issued currency. However, AXA said that in the future want to use the coin to calculate these payments.n
nn”In the future we would like to increase the amount of money to pay and compensation, you can completely guarantee the compensation through the code will be in place of confidence (customers do not have to worry about insurance companies will deceive them).”n

National Law Review: Delaware General Company Law Assessments “Block Chain Amendments”


nnnnIn the event of a riot: Two block chain amendments were submitted to the Delaware General Company Law, which would allow companies to use the block chain database for billing. But the legal field of technological innovation has been slowly lagging behind. In the mid-1990s, law firms were reluctant to adopt technological innovation, including the distribution of documents through the Internet. Despite the active use of e-mail and attachments to the instant messaging system, the entire law firm in the 1990s still use fax technology. Because the fear of “hackers” will intercept important customer communications. But it is also such an experience to the current participants in the field to actively deal with the block chain technology.n
nnTranslation: Annie_Xun
nThe two amendments (Blockchain Amendments) are submitted to the Delaware General Corporation Law (DGCL, Delaware General Corporation Law), allowing enterprises to use the block chain database for accounting. In particular, DGCL Section 219 extends the definition of shareholder register to “enterprise management or enterprise management”, with the aim of allowing the use of the block chain database for records. DGCL Section 224 will also make a similar modification, and all business records may be stored in “one or more electronic networks or databases (including one or more distributed electronic networks or databases)”.n
nIn the mid-1990s, law firms were reluctant to adopt technological innovation, including the distribution of documents through the Internet. Despite the active use of e-mail and attachments to the instant messaging system, the entire law firm in the 1990s still use fax technology. Because the fear of “hackers” will intercept important customer communications.n
nPerhaps based on this experience, do not want to appear inappropriate, the law firm quickly published articles describing the amendment and praise block. However, many articles clearly do not understand the underlying technology of the block chain database, because the technology is very complex, difficult to explain and understand. And these articles usually fail to list the issue of the register of shareholders controlled by the central authorities (such as company secretaries or stock transfer companies), which may solve problems with the block-chain database. To make up for these gaps, we recently posted a blog about the benefits that can be gained from the use of the chain of chain members and the ownership structure table.n
nExpected benefits first do not say that the use of block-chain database maintenance business records are not suitable for all Delaware companies, or no need to use, many are still cumbersome or expensive. Newly established companies, such as those who have just released shares to the two founders, do not need to build a decentralized distributed network to record, or pay a high fee to the Nasdaq companies for block-chain products. With the block-based enterprise accounting service providers entering the market, the cost and effort required will be reduced.n
nSo we will focus on the area where the chain chain database can provide a better solution: equity transfer. At the beginning of the year, the Securities and Exchange Commission voted unanimously to shorten the settlement time for two trading days. Modern technology allows securities transfer to take place in milliseconds, but in fact the settlement can not be completed within two business days, because the current verification of the securities owner’s system is very inefficient (especially involving physical securities), buy also need cash. It is therefore surprising that most transactions are not settled because the securities are re-traded during the settlement period. Accenture and other companies said that the settlement time of these transactions if the use of block-chain database, can be shortened to seconds (also in the securities before the transaction, the settlement of almost all transactions).n
nAs a result, the newly established Delaware company may want to use a certificateless stake because the company can not obtain a physical stock certificate in order to provide high-speed settlement using the block chain. If the company holds any cumbersome physical stock certificate, the chain chain can not provide a complete record of all stock transactions, because physical stock transfer is a block chain can not be touched. At present, DGCL does not authorize enterprises to require all shareholders to convert the physical stock certificate into a certificateless share. However, once these certificates expire, it is assumed that the board of directors of the company has adopted a resolution that is converted into a certificateless share (the specific operation is in accordance with the laws of Delaware).n
nTherefore, even if the start-up company may not need to register or pay to enter the chain of chain database, it is best to have been using a certificate-free stock before they can use the right time to provide the advantages of block-chain technology.n

The Indian state government works to build public sector applications

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nnnIn India, the seventh largest state of Andhra Pradesh announced the cooperation with the network security company WISeKey, the use of block chain technology to protect citizenship data. And will be piloted between government departments, the latter will expand. This is to give citizens more power to provide the conditions for their potential.n
nnTranslation: Annie_Xun
nAndhra Pradesh, India’s seventh-largest state, announced the partnership with WISeKey, a network security company that uses block-chain technology to protect citizenship data.n
nAndhra Pradesh said the huge amount of personal data in the database, the recent global encounter various forms of network attacks, it is planned to use WISeKey block chain technology to protect the government records of data. The cooperation will be in different departments of the government to carry out various pilot projects, and extended to the wisdom of the city and other fields.n
nJ.A. Chowdary, IT consultant for the chief minister of Andhra Pradesh, said:n
nn”We want to use WISeKey as the leading provider of government network security solutions for various projects, but at the same time plan the vision of Smart City, expand beyond the Internet of Things, and use the” Deep Tech “technology.n
nnAndorra Transport Director N. Balasubramanyam also revealed plans to deploy the block chain in the transport sector, saying that Andhra Pradesh would be “the world’s first to do so.”n
nWISeKey founder and chief executive officer Carlos Moreira talks about the project:n
nn”There is a primitive vision, such as putting citizens in the center of gravity, building all the infrastructure around this vision, the key to the success of civil rights and the full potential of them.”n
nnAndhra Pradesh has been focusing on block-chain technology and has explored the application of the technology in land registration.n
nWhat is important is that Andhra Pradesh is the seat of Fintech Valley Vizag, the government-led business infrastructure project of Andhra Pradesh, known as India’s financial and technological change.n
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