Tuesday, December 19, 2017

Using Blockchain to Build Your Dream House

"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.