Blockchain Weekly Recap 5-14-2016
House Subcommittee Hears Testimony on Blockchain Insurance and Health Applications
Congressmen sitting in on a session before the US House Committee on Energy and Commerce's Subcommittee on Health this week received testimony concerning the blockchain’s potential application in the area of insurance for health care. That testimony was provided by Scott Gottlieb, a resident fellow at the American Enterprise Institute think tank. During his remarks, the witness discussed ways in which blockchain technology could spark innovation in the data systems used in the industry.
As an example, Gottlieb noted that this technology could help to create more advanced risk pool systems that would offer real-time risk assessments that could provide more effective auto-regulation for healthcare insurance subsidies currently mandated as a result of the Affordable Care Act’s existing provisions.
R3 Seeks $200 Million from Banking Partners
The R3 Consortium reportedly has plans to raise a total of $200 million in funding from its partners, and invest that capital in a new blockchain firm that will provide various distributed ledger solutions for the financial industry. The company is currently engaged in negotiations with its consortium partners to secure the financing. If successful, R3’s stated intent is to have the companies backing the new venture maintain operational control over it for ten years.
NATO Alliance Expresses Interest in Blockchain Tech
While officials in Europe and the United States continue to struggle with the issue of how to deal with digital currencies, their trans-Atlantic military alliance seems to be growing more interested in cryptocurrency’s underlying technology. The NATO Communications and Information Agency had issued a press release outlining the organization’s plans for its 2016 Innovation Challenge – plans that included an open call for innovators within the alliance to submit application proposals for blockchain solutions in the area of military logistics, finance, and procurement.
Swift Institute Finances New Blockchain Research Paper focused on Securities
A recent Swift Institute-funded research paper by Michael Mainelli and Alistair Milne examines the blockchain’s impact on the securities industries and its processes in an attempt to determine just how disruptive the technology would be to that industry from a process and infrastructure standpoint. The report, The Impact and Potential of Blockchain on the Securities Transaction Lifecycle, is the result of numerous focus groups and interviews conducted by the two authors. The results reveal a general consensus that distributed ledgers can reduce risk and cost, but that widespread implementation will require even greater cooperation between government and the private sector to coordinate regulation. The duo also proposed something they called a “mutual distributed ledger” that would reduce the control of the trusted third parties used in current financial databases.
Kompany.com Reveals New Blockchain Solution for Managing Company Information
For companies that have been looking for a more efficient way to store and manage their various official business filings, kompany.com may have the solution. The firm this week announced that it has developed a blockchain solution that will enable companies to store all of those important documents on an electronic ledger that will enable easy monitoring of critical information, easier regulatory compliance and risk management, and full auditing capabilities.
Avalara to Explore Blockchain Tech for Tax Software
Tax Software Company Avalara recently announced that it is examining the potential benefits of incorporating distributed ledger technology into its tax software. Executive vice president Peter Horadan reportedly told AccountingToday that the new technology has already outgrown the digital currency that spawned its creation, due to its ability to “transform a whole bunch of business processes.” The technology also has a basic structure that is applicable to a wide variety of real-world needs. Horadan cited single-use transfers, the deterministic nature of blockchain transactions, and encryption as the types of benefits that should make distributed ledger technology a useful solution in many industries.