In order to take advantage of new capabilities enabled through blockchain and smart contracts, the market needs to ensure standards are agreed and adopted. For commercial insurance, ACORD is well placed to manage these standards. ChainThat uses these as part of its solution
With the advent of decentralised, distributed ledger storage and smart contracts using Blockchain, it gives an immense opportunity for players in the Global Insurance Markets such as the London Insurance Market to set up their consortia (semi-private) permissioned decentralised networks. This allows the relevant trading partners to do peer to peer transactions along with having a common distributed ledger or record of these transactions.