Insurance broker IMA Financial has issued a certificate of insurance (COI) using blockchain with the document represented by a non-fungible token (NFT).
The COI was issued to Engiven, the cryptocurrency donation software provider. The document outlines the core details of an insurance policy.
“The issuance of certificates is a key tactical procedure for all brokers, with hundreds of millions issued nationwide each year,” said IMA SVP and Director of Innovation and Strategy Garrett Droege. “Despite the buzz around NFTs, the tools aren’t widely used in business. COIs are the perfect utility to illustrate their value, and blockchain leader Engiven is the perfect partner.”
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