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Bitfury Announces New Deal Toward Insurance Blockchain

Blockchain startup Bitfury has announced a new deal with a Washington, D.C., firm in a move that could clear the way for a new blockchain solution specifically targeting the insurance intermediation market.

The deal with D.C. advisory firm Risk Cooperative aims to expand the reach of blockchain technology in the insurance sector, with applications specifically targeting insurance intermediaries and brokers.

Risk Cooperative will use existing insurance contacts to push for the wider adoption of blockchain-based models across the industry, including some high-profile insurers like Aetna, one of the U.S.’s leading providers of insurance in the health-care sector.

The tie-up could be hugely significant for Bitfury, and for the wider insurance market, as a means of encouraging adoption of new distributed ledger technologies in the sector.

The use of the blockchain in insurance has already been widely discussed, with companies of all shapes and sizes actively pursuing new technology for the sector.

The Bitfury deal could see the rise of blockchain tech in the insurance sector skyrocket, particularly if leveraging Risk Cooperative’s existing industry reach helps attract some of the bigger names to investigate the potential of the technology in their business.

Dante Disparte, founder of Risk Cooperative, said the deal will mark out his company as one of the early movers in advocating for blockchain-based insurance technology.

“With Bitfury as a strategic partner, combined with our commitment to innovation and improving resilience, we are confident that we can serve as first movers in driving Blockchain’s adoption across the entire insurance value chain. This is no small feat, but with Bitfury’s strategic and operational leadership in Blockchain technology, we can be bold in our advance.”

The move follows similar announcements over the last week, with AIG and Standard Chartered joining forces to create a blockchain pilot targeting the commercial insurance space.

In China, a group of insurers announced back in April that they too would be pursuing blockchain trials, as a mechanism for delivering more effective insurance contracts.

With the insurance industry progressing toward a blockchain future, analysts have suggested it could follow the path of financial services, where much of the early blockchain research and development has been targeted.