Tokio Marine successfully tests blockchain-based application process

Posted On: Apr. 25, 2017 4:00 AM CST

Japanese property/casual insurer Tokio Marine & Nichido Fire Insurance Co. Ltd. and Japan-based networking system services provider NTT Data Corp. have successfully tested the first blockchain-based insurance policy for marine cargo insurance certificates, EconoTimes reported citing IBTimes UK. The blockchain based system cut by 85% the time it takes a shipper to input in order to receive an insurance certificate, Tokio Marine said.