Allianz Advances with Blockchain-Based Token System

As the growing adoption of blockchain technology approaches the mainstream enterprises, the insurance giant, Allianz has also entered the blockchain sector. Allianz Global Corporate & Specialty SE (AGCS) has progressively been developing a token-based ecosystem utilizing blockchain technology.  

Currently, the token is still in the experimental phase, although the basic core infrastructure has already been constructed, tested, and examined.   

A spokesperson mentioned to Forbes: 

AGCS is further exploring blockchain technology to simplify and accelerate cross-border insurance payments for its corporate customers. A project team is in the advanced stages of development for a token-based electronic payment system to allow for frictionless, transparent, and instantaneous money transfers for a range of different types [of] payments.  

About the Token  

The “internal token” developed by Allianz aims to tackle issues of the inefficiencies of the worldwide money transfer for its global affiliates. It will be run on a proprietary blockchain built by the company, Adjoint.   

Oliver Volk, the blockchain expert at Allianz, told Coindesk, the token would be “very helpful to get rid of FX constraints and other stuff we have to optimize, especially if you talk to certain currencies which we do not accept at our headquarters and have to be reconverted.”  

Global Enterprises and Blockchain Adoption  

Recently reported, the US insurance giant, State Farm, and the United Services Automobile Association were testing a blockchain-based solution to streamline the insurance claims process.   

Other large mainstream players have also been experimenting with blockchain in 2019. JP Morgan Chase announced its JPM Coin, Facebook introduced Libra, and Walmart has been taking a step towards developing its own digital currency as well.   

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