Insurepal in Coindesk
Insurance uprising
Still, there were bright spots for bankers, even if the insurers stole the show.
Francois noted how ING successfully swapped €25 million worth of liquid assets using the collateral lending application of fintech startup HQLAx on R3's Corda distributed ledger platform.
"We did this live transaction last month. We will be in production by year end. It's been a close walk with regulators, and we are now talking to more of them in Asia," he said.
That's not to say insurance doesn't have hurdles.
Matt Peterman, CEO and co-founder of InsurPal, agreed that fraud detection is an area ripe for standardization. As it stands, he said, the industry takes invasive measures to fight fraud.
Volk concluded by pointing out some differences between insurance use cases and those in banking, which hinted that perhaps blockchains are a more intuitive fit for the insurance industry.
"When you talk about blockchain and scale it's a little bit easier for the insurance industry than in financial services," he said. "In terms of transactions per second, we don't have that many so that's not really a limitation for us."
In this way, he sought to explain the situation merely as one of two different sectors charting their own course toward perhaps inevitable efficiencies.
https://www.coindesk.com/blockchain-slump-banks-may-fatigued-insurers-pumped/Volk concluded:
"We are simply starting with the easiest contracts and working forward."
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