• Thu, 22 Aug 2019, 05:00 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Vermont to launch captive insurance blockchain pilot

Tue, 15 Jan 2019, 05:30 am UTC

The U.S. state of Vermont is going to launch a pilot project that will focus on exploring blockchain potential in the digital recordkeeping practices of the captive insurance industry.

On January 9, the Secretary of State's Office and Department of Financial Regulation signed a memorandum of understanding (MOU) to look into the application of blockchain technology in the digital recordkeeping practices and state regulatory processes and have jointly issued a Request for Information (RFI) on these lines.

“The Parties shall work collaboratively to launch a pilot program offering new Vermont captive insurance companies the option of registering with SoS through Blockchain for a term to be determined by the Parties,” the MOU reads.

Questions related to the RFI are due on January 24, 2019, and the RFI is due on February 14, 2019.

The state government said that blockchain adoption could yield significant benefits such as more efficient administration of their respective duties while maximizing taxpayer value for Vermont's citizens.

The pilot program will help identify the areas in regulatory and other government business where blockchain technology could enhance data security and reduce costs for residents as well as businesses in Vermont. Among other things, it will also include a review and revision of relevant statutes, rules, regulations, and bulletins to ease blockchain implementation.

"Developments in technology provide opportunities for government to improve efficiency and transparency, cut red tape, and improve services for Vermonters," said Secretary Condos. "This pilot will allow us to examine whether or not the application of blockchain technology for digital recordkeeping can improve aspects of the state regulatory process."

Vermont is counted among the blockchain-friendly states in the United States. Last May, Governor Phil Scott signed a bill that will allow the setting up of “blockchain-based limited liability companies.” Back in 2016, the state passed a law that made blockchain records admissible in court.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,987.62 (-3.43%)
  • Ethereum (ETH) $185.34 (-2.63%)
  • XRP (XRP) $0.265600 (-0.86%)
  • Bitcoin Cash (BCH) $299.59 (-2.97%)
  • Litecoin (LTC) $72.48 (-2.25%)
  • Bitcoin (BTC) $9,987.62 (-3.43%)
Aug 22, 2019 (Thursday)
04:01
Indian Supreme Court grills RBI for cryptocurrency banking ban
03:49
Cryptopia customers did not have individual wallets; liquidator Grant Thornton to manually determine crypto ownership
03:34
Korean crypto exchange Prixbit shuts down over financial crisis
03:31
Crypto Technicals: BTC/USD below $10K, breach of 'Symmetric Triangle' could plummet prices further
Aug 21, 2019 (Wednesday)
12:56
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:27
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:25
European Commission looks into “potential anti-competitive behavior” of Facebook's Libra: Report
11:10
Thailand’s Siam Cement Group seeks to expand Corda-based ‘Procure to Pay’ solution to 2,400 suppliers by 2020
10:40
Crypto Technicals: BCH/USD rejected at cloud, violation at 200-DMA to open up downside
10:21
Blockchain settlement startup Fnality adds former UBS and IMF executives to management team
09:17
Austrian telecom giant A1 to offer cryptocurrency payment option
09:02
Japan's Amaten, Aelf to revolutionize gift card market using blockchain
07:37
Crypto Technicals: Monero (XMR) recovery falters at major trendline resistance, slips below cloud
07:34
Blockchain securities issuance platform iownit.us obtains approval from FINRA
06:37
Crypto Technicals: ETH/USD struggles to extend gains beyond $200 mark, bias bearish below 200-DMA
06:18
Square Crypto hires Blockstream co-founder Matt Corallo to boost bitcoin adoption
06:16
Commonwealth Bank of Australia develops blockchain-based marketplace and token to protect biodiversity
05:40
Crypto Technicals: Bitcoin fails to take out $11K mark, tumbles below 55-EMA support (10428)
05:07
EMURGO inks MOUs with South Korean trade associations to boost Cardano adoption
04:15
China may launch its central bank digital currency ahead of Facebook's cryptocurrency Libra
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft