RiskBlock’s approach to getting projects into production ASAP has seen their first blockchain go live within six months of forming: Nationwide’s proof of insurance launched just before the new year. IF the same concept is applied to the trucking industry, Ledger Insights estimates the concept can save as much as $800m a year.
The current Nationwide application targets regular drivers. So if you’re involved in an accident, and both parties have the app, bumping phones will allow an exchange of insurance information. Most importantly with the confidence that it’s the current state of insurance, unlike a piece of paper where the policy may have been canceled.
Right now, it’s purely Nationwide so there’s a good chance both drivers won’t have the app. But it could get pretty interesting when other insurers adopt it. Even better, the publicity highlighted an extremely juicy application.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
