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US Treasury Insurance Advisors to Discuss Blockchain

(@mpmcsweeney) | Published on January 4, 2017 at 16:59 GMT
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An advisory council to the US Treasury Department focused on the insurance market will discuss blockchain tech at a meeting later this week.

Set for tomorrow afternoon in Washington, DC, the Federal Advisory Committee on Insurance (FACI) will discuss a range of issues, according to publicly available materials, including the use of the tech in the US insurance market.

The government said of the hearing:

“In this meeting, the Committee will discuss a number of issues, including blockchain technology in the insurance sector, the changing auto safety landscape, and an overview of insurance fraud.”

The meeting is expected to be held at 1 PM ET. A livestream of the event will be broadcast here.

Current members of the advisory council include representatives from a number of state insurance regulators in the US as well as private enterprises, including USAA, which began offering an integration with Coinbase to its user base in late 2015.

The meeting comes as insurers worldwide have moved to explore products and services utilizing the tech.

In October, a group of European insurance and reinsurance firms moved to establish an industry body aimed at collaboratively testing use cases. The following month, a UK-based insurance trade group launched a blockchain research effort of its own

Major insurers like John Hancock, MetLife and Allianz, among others, have moved to test the tech on their own as well.

Image Credit: bakdc / Shutterstock.com

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