Bitcoin and Insurance Issues


Because there is an uncertainty in regulatory environment and because the currency is so volatile insurers have been reluctant to get involved with the risks of insuring Bitcoin transactions so far.

A managing director for Accenture had published a blog post detailing why he believes the insurance industry will move to embrace the blockchain within the “next few years”.

Abizer Rangwala, who focused on insurance IT strategy for the professional services firm, wrote
that  “Insurance is gaining momentum in the use of blockchain and slowly figuring out the true business use or to some degree what the use case should be. I have no doubt that within the next few years it will be a major technology in the insurance ecosystem.”

Rangwala went on to say “The effect of blockchain for insurance products is a not as clear-cut and will likely take longer to emerge than for banking,” “The speed and ease with which contracts could be changed and the time-stamping feature of blockchain could, for example, facilitate individualized contracts that reflect actual risk, such as on-demand auto insurance effective only during hours a car is being driven.”

"Bitcoin and Its Possible Impact on Insurance

"Image source


"Many technological strides have been made over the last couple of decades. Advancement in technology is becoming faster and faster as each year passes by and many technologies to improve work efficiency, communication, and even financial services are being discovered and used every day. Technology has made the world smaller in a good way; we are now able to talk to family and friends from across the globe without having to spend too much money or wait too long for a reply. International financial transactions have also become more straightforward and hassle-free.
One of the significant technological strides in the financial sector is the invention of bitcoin. Bitcoin is a new type of currency which can be used in financial transactions without the need for a middleman (usually banks). Bitcoin was invented back in 2009 and has been gaining popularity since then, reaching an all-time high worth $ 17,900 on December 15, 2017.
"1. Anonymity. – Bitcoins can be used to buy merchandise anonymously. In this time and age where privacy has become a critical factor to be considered when you’re connected to the Internet, being able to transact anonymously presents a very inviting option for many people.
"2. Easy international transactions. – Because bitcoin is not tied to any country or is subjected to regulations, global payments and other financial transactions are easier, and a lot more affordable than traditional international banking systems where fees still need to be paid and transactions may take time to be completed.
"3. Cost. – Small businesses may prefer bitcoins since there is no credit card fee that they would have to pay the bank. Online stores from across the world could also gain more profit by using bitcoin instead of other online payment methods like Paypal where there are charges for currency conversion and additional fees.
"4. Investment. – People may also get enticed by the history of bitcoin price. Because of the recent rise in bitcoin prices, a lot of people have begun thinking about investing in bitcoin as a form of long-term investment.
"Bitcoins are stored in a digital wallet which could either be on a cloud or your computer. Digital wallets serve as your bank account which allows you to send or receive bitcoins, pay for bitcoin transactions, and save or store your bitcoins for future use.

"No one can predict how bitcoin can affect world finance and economy in the long run, but judging by its practicality and its current popularity, it may be here to stay for a while. Bitcoin may even revolutionize the way that the insurance industry works. Without the need for banks to act as middlemen, insurance claims would be paid out more efficiently and promptly. There may also come a time when you wouldn’t need to pay for a monthly premium; with the help of GPS technology in conjunction with bitcoin technology, your vehicle’s movement can be tracked, and you would just have to pay for the times when your vehicle is in use. These are just assumptions but very well may be the future with bitcoins..."

A new joint venture between IBM and Vodafone



IBM is to manage Vodafone's cloud and hosting systems for eight years valued at $550 million (€480 million). IBM and Vodafone will work together on building and delivering solutions in areas like AI, cloud, IoT to enterprise customers. 

 The two companies have previously collaborated on a number of projects over the past twenty years.  This time the focus will be on creating new digital solutions. 

 Vodafone's chief executive Nick Read quoted as saying  “Vodafone has successfully established its cloud business to help our customers succeed in a digital world” ...“This strategic venture with IBM allows us to focus on our strengths in fixed and mobile technologies, whilst leveraging IBM’s expertise in multicloud, artificial intelligence (AI) and services. Through this new venture we’ll accelerate our growth and deepen engagement with our customers while driving radical simplification and efficiency in our business”. 

 The venture will focus on Vodafone' s British, German, Irish markets, targeting multinational and national enterprises mainly operating in retails, manufacturing, utilities, agriculture or transportation. The deal will be operational in the first half of 2019. 

  More read on >>

cryptocurrency investments - safeguarding investors


Based on Blockchain technology, cryptocurrency market is developing and growing. However increasing investments on cryptocurrencies bring some questions to customers on investor protections.

While regulations and laws governing the cryptocurrency market is developing, investors is seeking protection through securities lawsuits. An increasing number of cryptocurrency lawsuits registered in courts this year.

Investors is becoming more aware of safeguarding their rights and preserving their legal remedies as a result of declining in the price of cryptocurrencies.

Most of the law companies advise investors to be more vigilant, more cautious and perform their own due diligence before deciding where and how to allocate their funds.

Here is an article puplished by a company Hogan Injury on Bitcoin and cryptocurrency litigation:



"Bitcoin and other cryptocurrencies are gaining more attention as days pass. Aside from the advantages that cryptocurrencies have like anonymity and easy international transactions, people are enticed by the fact that it can become a good investment. Apart from trading bitcoins for cash, you can also use bitcoins to buy gift cards, book flights, and hotels, buy furniture, or even buy real estate properties. Bitcoin purchases are not taxed at the moment since there is no way for third parties to identify, track, or intercept transactions that use bitcoins. Transaction fees are considerably lower as well compared to credit card transactions or services like Paypal.
"Although there are many advantages in using bitcoin or other cryptocurrencies, just like any other investments, you should always be careful with your transactions. Since cryptocurrency is not regulated, many unscrupulous people have taken advantage of this and incidents of fraudulent cryptocurrencies, and other types of scam related to cryptocurrency have happened. One example of this is Prodeum, a cryptocurrency start-up that scammed its investors in just one weekend.
"Because of these scams, law firms have now been involved in helping the victims. Cryptocurrency litigation has now become something that some lawyers specialize in. There are a lot of factors to consider when a cryptocurrency dispute arises. Aside from fraudulent Initial Coin Offering (ICO), lawyers could get involved if the cryptocurrency was used to launder money or hide assets; they could also get involved when there is an issue with the company, commercial, or intellectual property laws being violated in relation to cryptocurrency.
"Here are some things that you can do as a cryptocurrency user to avoid being scammed:
"1. Research. – Just like with any other investments that you will make, research is essential. When investing in an ICO, make sure to read and dissect their white papers to ensure that you’re working with reliable people. Take time to research the people behind the ICO, their whole team, board members, and other investors. It’s vital for you to learn as much as you can about the company before investing so that there will be no unpleasant surprises.
"2. Be vigilant. – Cryptocurrency is still primarily bought and sold at exchanges. Because cryptocurrency is something new and the fuss around it is its value, many people get scammed by the promise of unrealistic prices. If an exchange promises incredible discounts or offers that seem too good to be true, it probably is. Another thing that you can do to avoid bitcoin exchange scams is to check the exchange’s URL. If a website’s address starts with HTTPS instead of just HTTP, that means that the traffic is encrypted and therefore has more protection.
"3. Only use trusted sources. – Hardware wallet is a physical device that stores your private keys. Hardware wallets offer more protection from hacking since there is no way for hackers to access them when you’re not online. However, hackers have now found a way around that. Some hackers sell hardware wallets that have a backdoor for them to access all your cryptocurrency and the best way to avoid this is only to accept hardware wallets from trusted sources."

Platform for Blockchain Apps Developer by Microsoft has arrived




Microsoft has announced the initial release of the Azure Blockchain Development Kit on 15, November 2018. The kit is built on Microsoft’s serverless technologies and seamlessly integrates blockchain with the best of Microsoft. The Azure Blockchain Development Kit is regarded as a great platform for blockchain application development. It makes "developing end to end blockchain applications accessible, fast, and affordable to anyone with an idea."

Here is a summary of the concluding words from a post in Microsoft Blog:

 "It is built atop our investments in blockchain and connects to the compute, data, messaging, and integration services available in both Azure and the broader Microsoft Cloud to provide a robust palette for a developer to realize their vision.

"Logic Apps and Flow deliver a graphical design environment with more than 200 connectors dramatically simplifying the development of end to end blockchain solutions, and Azure Functions enable the rapid integration of custom code.

"A serverless approach also reduces costs and management overhead. With no VMs to manage, built-in scalability, and an approachable pricing model the Azure Blockchain Development Kit is within reach of every developer – from enthusiasts to ISVs to enterprises.

"Solutions are written using online visual workflow designers and Visual Studio Code, a free download that provides an integrated development environment on Windows, Mac, and Linux.

"The resulting applications will run atop a network that has higher rated cloud performance than other large-scale providers and enable federating identities between participants using Azure Active Directory. With Azure, those applications can be deployed to more regions than any other cloud provider and benefit from more certifications...."

"To learn more about how to use these samples to build and extend blockchain applications, you can find a host of videos on.."
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