Mutual Of Omaha Starts Researching Blockchain

Mutual Of Omaha Starts Researching Blockchain

Mutual of Omaha officials has become to rethink the services they offer, while focusing on Blockchain research. Blockchain technology can be used f

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Mutual of Omaha officials has become to rethink the services they offer, while focusing on Blockchain research.

Blockchain technology can be used for operations such as storing and validating information. The latter may be used to transform some of Mutual of Omaha`s services such as insurance and reinsurance.

“A blockchain would be able to immediately know who was covered for how much and share that information back and forth between the insurer and any number of reinsurers.”, explained Brian Poppe,  Vice President of Innovation Strategy at Mutual.  Usually, it would require manpower, but the Blockchain technology is a game changer.

As Poppe said, the Blockchain technology means “everyone has access to the same information nearly instantaneously.”

The Greater Omaha Chamber of Commerce and the Global Blockchain Business Council are organizing a joint presentation under the name “New Kids on the Blockchain”. The event will be at Kaneko, 1111 Jones St, and is bringing together official companies like IBM, Union Pacific, Ernst & Young and futures-exchange operator CME Group to discuss the blockchain further.

“The best way to think about this technology is that it’s like a global notary”, as Jamie Smith, president of the Global Blockchain Business Council, said in a press release (available at: omaha.com).

“People are using this mostly to move money at the moment, but it’s really a digital token for people to use and access databases around the world.”, he added.

Marco Floreani, the Greater Omaha Chamber’s Manager of Business Development, is convinced that blockchain may be used for merging agricultural export data, allowing buyers and sellers of commodities to enjoy a degree of provenance.

Blockchain technology has been used to solve enterprise problems by blockchain companies like Ripple and consortiums like R3 and Hyperledger. It remains to be seen what would be the other applications of the technology.

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