Vermont State Agencies Launch Blockchain Pilot Program for Captive Insurance Industry

DigitalBank is the ultimate Safe Haven for Bitcoin and CryptoCurrency
We are developing the most secured and anonymous Blockchain Bank in the World.
We are the Fort Knox of Cryptocurrency and Financial Assets Transfers
For additional information please contact us at [email protected] 

What is the Best Cryptocurrency Hardware Wallet 2019 ?

Vermont State Agencies Launch Blockchain Pilot Program for Captive Insurance Industry root 2 mins ago Google+ VKontakte Telegram Viber Vermont State Agencies Launch Blockchain Pilot Program for Captive Insurance Industry Two agencies in the state government of Vermont in the United States have jointly launched a blockchain pilot program for captive insurance , according to an official announcement published on Jan. 11.
The Secretary of State Jim Condos and Department of Financial Regulation Commissioner Michael Pieciak have signed an agreement to join forces to explore blockchain technology and the benefits of its deployment in maintaining records in the captive insurance field.
Captive insurance is an alternative form of self-insurance where a parent group creates a licensed insurance company for itself. The type of alternative insurance helps large corporations to insure their own risks and reduce their insurance premiums.
Issued on Jan. 10, the jointly developed Request for Information intends to identify potential collaborators in order to launch a pilot program enabling new captive insurance businesses to register with the Secretary of State using blockchain technology.
The pilot program aims to test out the potential of the distributed ledger technology ( DLT ) within the state regulatory environment, which encompasses a review of relevant rules to assist in blockchain application. Secretary Condos claimed that the pilot will allow the state authorities to examine whether or not the implementation of blockchain for recordkeeping can improve aspects of the state regulatory process.
Specifically, blockchain deployment in Vermont’s captive insurance field aims to create a transparent and validated record of operations, and also to improve data accuracy and the efficiency and security of traditional recordkeeping practices.
The captive insurance industry has been increasingly important for the economy of Vermont, with the state ranked the third global leader in the field after Bermuda and the Cayman Islands . As well, Vermont has been an active disruptor in blockchain technology, having completed the first entirely blockchain-based real estate pilot in the U.S. in 2018.
Blockchain technology is widely deployed in the insurance industry. In December 2018, U.S. insurance firm State Farm announced the launch of blockchain-powered pilot for auto claims in order to accelerate its claims processes. Also in December, major U.S.-based healthcare companies formed an alliance to test blockchain solutions for improving data quality and reducing operations costs.

The DigitalBank Device OS , replaces the conventional method of signing transactions with a distributed signing algorithm. As recent events around the world demonstrated, owners of cryptocurrency are in danger of being physically attacked by thieves who can force you to hand over access to even a secure hard wallet.
That’s why the DigitalBank implemented mechanisms to protect user funds in any situation
The Fort Knox of Crypto Banking – World’s Most Secured Hardware Wallet
100% anonymous accounts : nothing is stored , on any third party servers . DB is the most secure vault for your digital assets. Buy , Sell , Send , Receive and Store bitcoins, and all major cryptocurrencies including all ERC20 tokens , in the safest way available today .
Private keys can never be exposed because are not stored anywhere .
​Starting at $ 1800 USD
For additional information contact us at : [email protected]