Insurers Pumped Whilst Bankers Anxious About Blockchain & Positive Words from UK Digital Minister

Positive movement overnight for both Bitcoin and Ethereum, now at $8,325 and $572 respectively. The majority of top altcoins also in the green after several days of straight gains across the cryptomarkets. Overall, a tentative but positive outlook ahead.

The Blockchain Expo in London has seen a great deal of enthusiasm from the insurance sector with the likes of well-established industry giants Allianz and Zurich extolling the potential virtues of using blockchain to increase efficiency and processing citing pilot projects currently in testing. According to Coindesk, bankers in the room were somewhat “browbeaten and anxious” – likely due to the beginning of the inevitable realisation that their world is going to change significantly as more industry counterparts embrace the blockchain as opposed to whining about it and thinking of ways to down-talk the technology.

More positive talk surprisingly from UK Member of Parliament Matt Hancock in a speech to the Law Society yesterday. The Secretary of State for Digital, Culture, Media and Sport spoke of the progress being made by the government as they work towards incorporating more aspects of blockchain into the financial sector such as developing machine-readable rules for financial regulation, and undertaking work with major banks to develop shared standards for fintech partnerships. Citing several instances of improved efficiency at government level saving billions in the process he went on to state “governments who embrace emerging technologies, such as blockchain, are the ones who will thrive in the decades ahead”.

Walmart has filed 2 more blockchain related patents covering a vendor payment structure to enable automatic transactions and payment detail encryption. Walmart has already been actively seeking other blockchain patents for data encryption as well as tracking food shipments. Great to see more and more traditionally non-crypto based businesses realising the benefits of innovation using blockchain as they rush for a first mover advantage.

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Created: Friday, April 20, 2018

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