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European insurance firm became a validator in the Tezos network

Insurance company Wakam from France joined the Tezos blockchain platform ecosystem as a corporate validator (baker).

For a digital services-oriented insurer, this is not the first experience in distributed ledger technology. In 2018, Wakam was one of the first in the industry to use the product SaaS from the Sequence project.

In 2020, the firm switched to the open source solution Quorum – the enterprise version of Ethereum.

By the end of the year, Wakam will complete blockchain management automation of more than 550,000 insurance contracts and claims.

“We are deeply convinced that smart contracts and blockchain, based on decentralized automated management tools and leading to reasonable operational costs, guarantee consumers complete transparency and immutability of their contracts. This is the future of insurance, ”said CEO Olivier Jaillot.

The fact that the Tezos project has French roots was named by Wakam as one of the factors that influenced the decision to use its blockchain.

What is Tezos?

Earlier, the baker in the Tezos network was a division of the French energy company EDF Group.

The country’s central bank used the platform to experiment with the national digital currency.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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