Blockchain payment service provider

Von | 13. September 2018

BusinessLine in the summer of 2017, Bajaj-Allianz-Versicherung intends to offer two blockchain-based insurances aimed primarily at the target group of motorists and travellers. Bajaj-Versicherung is part of the German Allianz Group, which wants to use the database to significantly reduce the time needed to settle claims. Specifically, these are the following products

„Travel Ezee“, a travel insurance policy,

Bitcoin Code – „On the Spot“.

In both cases, the claims should be managed in the database so that any claims can be processed much more quickly. In the best case scenario, payments could be made after just 20 minutes. This is because almost two thirds of all losses are merely minor losses for which the Bitcoin Code insured sums are correspondingly low. Overall, the insurance company hopes that this will reduce administrative costs.

European Union supports start-up Billon with two million euros
As announced in July, Billon, a so-called blockchain payment service provider based in the UK, recently received funding from the European Union’s Horizon 2020 fund. This is the largest investment fund maintained by the European Union.

With this funding, the service provider wants to accelerate the expansion of DTL technology so that payments between companies can be made immediately and directly. This could further optimise the areas of content monetisation and eCommerce. This technology should make it possible to reduce transaction costs to a minimum. This should also allow so-called micropayments, i.e. the transfer of small amounts of money, to be carried out economically. Tadeusz Kuropatwinski, Managing Director for Digital Payment Business at Billon, says: