NEW YORK — U. S. technology company The Bitfury Group said on Friday it had formed a strategic partnership with<br />advisory firm Risk Cooperative to use the blockchain digital ledger in the $60 billion insurance broking market.<br />Bitfury Chief Executive Valery Vavilov said that Blockchain technology can bring transparency<br />and security to the insurance industry, and can be a catalyst for new insurance business models,<br />U. S. Tech Firm in Blockchain Tie-Up With Insurance Advisory Firm -<br />By REUTERSJUNE 16, 2017, 8:03 A. M. E. D.T.<br />The partnership will initially explore putting cyber-insurance<br />and political risk activities on a blockchain-based system, Risk Cooperatives founder and CEO Dante Disparte said in an email.<br />While the insurance industry writes more than $5.5 trillion in annual premiums worldwide, most natural, man-made<br />and emerging risks remain unfunded or underinsured by established insurers using old systems and technologies.<br />In April, Bitfury announced a partnership with Ukraine to put a wide range of government data on a blockchain platform.
