PwC has released details on a new proof-of-concept (PoC) it says successfully created a real-time audit process for policy creation in the wholesale insurance market.

The professional services firm launched the project earlier this summer in partnership with think tank Z/Yen’s Long Finance initiative, describing it at the time as a "high-level policy placement flow" that would reimagine how policies could be accepted by prospective clients.

Within the proposed network itself, node participants include insurers, brokers and regulators. PwC used the Multichain platform, developed by Coin Sciences, as a basis for the PoC.

The report details:

"An insurer can view policies on the blockchain, and make offers to back risk on a particular policy, with the broker having the ability and control to accept or decline these offers. This communication and negotiation between parties takes place all within the blockchain. When a policy is fully backed, a formalized insurance contract is created and again shared on the blockchain."

Included in the publication was a diagram of project's design, showing the broker, insurer and regulator nodes connected to the conceptual network.

PwC indicated that the test helped yield insight into how blockchain applications can cut down on physical paperwork, streamline regulatory reporting structures and create what is essentially a real-time audit trail.

The project is one of a number of application tests being conducted both within the professional services industry as well as the broader finance world.

The past year and a half has seen projects focused on concepts ranging from fantasy sports share markets to blockchain-based banks.

Images via PwC, Shutterstock

InsurancePwC

Original author: Stan Higgins

Mass media company Thomson Reuters has become the latest member of the R3 blockchain consortium.

The firm announced today that it had joined the effort, which has seen dozens of banks and finance firms collaborate to explore the technology. Recent members include Absa Bank, one of South Africa’s largest banks, and Toyota Financial Services, the financial arm of Toyota Motors.

Mark Rodrigues, managing director for strategic customers and solutions, said in a statement:

"The opportunities afforded by this emerging technology are enormously exciting for us and for our customers, and our goal with R3 is to collaborate together with the consortium and our customers in these key industry discussions as we shape the future of financial transactions."

Thomson Reuters has spent much of the past two years conducting an exploration of blockchain applications on its own, and its entrance into the R3 consortium will likely compliment those efforts.

For more on Thomson Reuters and its blockchain strategy, read our latest interview here.

consortiumR3CEVThomson Reuters

Original author: Stan Higgins

The United Nations Children's Fund (UNICEF) is seeking a software developer and consultant who can help it lead its blockchain efforts.

A terms of reference sheet published last week outlines in detail how the international aid organization is seeking to leverage the technology in accordance with its goals to improve child welfare around the world.

Specifically, the prospective developer and consultant would aid in "research, consulting and prototyping applications for humanitarian purposes".

UNICEF goes on to highlight existing projects focused on identity and remittances – two areas the organization has said in the past represent key use cases.

UNICEF representative Dana Zucker told CoinDesk:

"We want to grow our knowledge and thinking, so we want to bring someone on who can help lead the charge on thinking, researching and creating use cases for how blockchain will play a role in UNICEF's work."

The role will likely form one aspect of the agency’s overall strategy toward blockchain applications, which includes a commitment to funding startups through its innovation arm.

Image Credit: Lucky Team Studio / Shutterstock.com

UNICEFUnited Nations

Original author: Stan Higgins

Distributed ledger technology firm Digital Asset Holdings (DAH) has hired eight new employees.

At the top of the list is the firm’s addition of Carol Mathis as its new CFO. Mathis joins the company from RBS Corporate and Institutional Bank, where she worked from three years as chief operating officer.

Other hires include:

Business development director Andrew Pisano Chief human resources officer Josh Varsano Director of finance and operations Emnet Rios Head of Europe Gavin Wells Head of delivery Gordon Weir Product manager Kelly Mathieson Strategic advisor Martin Korbmacher.

The new hires come on the heels of the opening of an office in London in January. To date, DAH has raised more than $60m venture capital and announced key partnerships with existing financial firms including the Australian Securities Exchange and the DTCC.

Mathis, Varsano, Mathieson, Pisano and Rios are based in New York, while Wells and Weir are based in London. Korbmacher will be based in Frankfurt.

CEO of Digital Asset, Blythe Masters, said in a statement:

"We are privileged to tap into the expertise of these world-class leaders with deep expertise and proven track records in the specific areas that will be critical to accelerating our efforts to the benefit of our customers."

Image via Shutterstock

Digital Asset HoldingsRBS

Original author: Michael del Castillo

PwC's new US FinTech director plans to change little about her company's plan of attack on blockchain.

The 'Big Four' accounting firm has officially tapped former American Stock Exchange director Geraldine Balaj to help head its efforts after another blockchain director formally left last month. Joining the firm in March, she brought 22 years experience in capital markets and a drive to continue what she characterized as her firm's success in the new sector.

In conversation with CoinDesk, Balaj said blockchain services have so permeated PwC’s financial services department that it's almost hardly worth making the distinction between blockchain and other efforts.

She further laid out her vision for the future now that blockchain is well advanced in transforming the operations of her new employer.

According to Balaj:

"I’ve lost count of how many people from capital markets and capital markets tech are involved at this point. It's fully imbued."

Balaj led the blockchain practice at her previous employer, financial services consultant Capco, and says that in spite of the progress PwC has made, the demand from clients is requiring a new strategy.

Cross-industry clients

Balaj couldn't share the names of current clients, but noted that service providers, asset managers, financial institutions and clearing firms are all now doing business with PwC.

In particular, she said that a wide range of vendors have sought her out for advice on how they might better integrate with clients on Wall Street already building with distributed ledgers.

A general theme Balaj mentioned was the idea of "coopetition", where companies that might otherwise be competitors are faced with greater benefits by coming together to build distributed networks.

Balaj said PwC itself has become better at looking to non-traditional partnerships, and that her company is advising its clients to follow a similar path.

Working with competitors

Balaj says it's important for those in the industry to be able to work well with other players in the field. For example, PwC partners include Blockstream and Digital Asset Holdings, which are members of cross-industry consortium Hyperledger.

"In many instances we’re sort of gluing the different parts together to really come up with that collaborative approach," said Balaj.

But Balaj says there's a possibility for the formation of an entirely new consortium dedicated specifically to accounting in the future, one that could unite PwC with the other 'Big Four' firms that have been at the forefront of developing blockchain.

She concluded:

"There’s a lot of coopetition going on. We’ll see."

Correction: A previous version of this article stated that Blockstream is a member of R3. 

Image of Geraldine Balaj via Michael del Castillo

AccountingBankingPwC

Original author: Michael del Castillo

Brazilian bitcoin exchange Foxbit has acquired payment processor BitInvest in an acquisition worth less than $1m.

With the sale, the exchange said it is seeking to acquire new users and reinforce its position in Brazil’s nascent bitcoin market.

Foxbit said BitInvest founder Flavio Pripas, the former founder of the social network Fashion.me, will serve on its board. All BitInvest accounts will be converted to Foxbit accounts as part of the deal.

The acquisition is notable given the early traction seen by BitInvest, which inked a deal in 2014 with Tecnisa, a domestic real estate firm that was Latin America's largest merchant to accept bitcoin at the time.

Still, Foxbit chief blockchain officer João Paulo Oliveira said he expects additional acquisitions as the Brazilian market matures.

Oliveira said:

"We are in an interesting position, as the bitcoin ecosystem grows, exchanges that are not growing will be less competitive. It is a matter of process."

According to data from Bitvalor, Foxbit sees about 310 BTC (or $189,000) in bitcoins trade daily on its exchange, a figure that accounts for roughly 55% of the market.

Oliveira said Foxbit aims to continue its momentum from the acquisition by launching a debit card for users and a consumer wallet later this year.

Foxbit said no additional employees will join the startup as part of the deal.

Image via Foxbit

BrazilExchanges

Original author: Pete Rizzo