Maersk will launch blockchain based insurance solution

One of the world largest logistic company will use blockchain in marine insurance 
06 September 2017   569

Maersk, one of the biggest logistic company is the world, joined forces with Microsoft and blockchain company Guardtime in order to launch blockchain based marine insurance solution. This is reported by the CoinDesk. 

Developing with Microsoft Azure, the new product will allow to create common, shared database that stores information about shipments and potential risks, in order to help ships comply with insurance regulations. Blockchain based database will insure that data is ransparent across what is a complex network of variables.

The project has already been trialed, and Maersk plans to use it in real-world applications, along with insurers MS Amlin and XL Catlin.

Marine insurance is a prime example of a complex business process that can be optimized with blockchain.
 

Mark Russinovish
CTO, Microsoft Azure

Reuters reported that the platform is already built and is planned for deployment in January. 

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   78

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.