"Distributed ledger technology, otherwise known as blockchain, can significantly simplify bank guarantees and guarantees of insurers, reducing paperwork while providing time-saving transparency for financial institutions and their customers. I saw an example of an interesting scenario at the recent SAP Financial Services Innovation Summit held at the SAP Leonardo Center in New York. SAP’s Stefan Schmidt recently shared a blockchain POC called The Guarantee Network on Blockchain Stefan Schmidt, Innovation Manager at SAP for Insurance, walked the audience through a blockchain POC called The Guarantee Network on Blockchain. Running on SAP Cloud Platform, it depicted how the various parties involved in new building construction – contractor, bank, insurer and buyer – could use digital certification to share information quickly, obtain necessary signatures and approvals, and prevent fraud." Susan Galer of SAP View full article here.