The insurance giant is developing its blockchain

It is reported that the German insurance giant Allianz Global Corporate & Specialty SE (AGCS) is working on a token blockchain aimed at simplifying instant cross-border insurance payments. Using the capabilities of the blockchain, the company makes big plans for the future to optimize the global insurance payment business, especially for its corporate clients. At the moment, the basic infrastructure for the project has already been developed.

An Allianz spokesman said the company plans to conduct small-scale testing first. If successful, the solution will be scaled globally. Earlier, Allianz executives made rather controversial statements about crypto assets. So, in December 2018, in the midst of cryptozymes, Allianz Global Investors CEO Andreas Uthermann asked regulators to introduce a complete ban on digital assets.

At the same time, Christian Weischuber of Allianz noted that the company is exploring options for insurance in cryptocurrencies, as “digital assets are becoming more relevant, important and widespread.” In April 2019, it was reported that supposedly Allianz tested an internal token with which funds will be transferred between global branches.

Most likely, the work on the project took place with the participation of the Adjoint blockchain startup.

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