MetLife To Introduce New Proof-of-Concept On Ethereum Blockchain

By Rishma Banerjee

It is true that gradually more and more companies are trying out cryptocurrency as well as it’s underlying technology, the blockchain these days. While on the one hand the true potential of blockchain is gradually being realised, on the other, Bitcoin is exhibiting a fantastic bull run, whereby it crossed the 10,000 USD mark, encouraging a global reaction. With experts saying it will only get better, institutional money will start pouring in the crypto space. However, that being said, there is a necessity for more crypto use cases, more regulation in the area as well as for institutional investors.

According to recently published news, MetLife, which is one of the biggest insurance providers on a global scale is all set to test out a new Proof of Concept on the Ethereum blockchain. Their pilot program which will be introduced soon will be boosting efficiency and transparency, according to the latest reports coming from Forbes.

“In what is believed to be the first pilot program in the world focused on the life insurance industry, MetLife’s Singapore-based incubator LumenLab is collaborating with Singapore Press Holdings (SPH) and NTUC Income (Income) on a platform of smart contracts known as ‘Lifechain’ to help loved ones quickly determine if the deceased was protected with a policy and automatically file a claim.”

MetLife reported that the pilot program is beginning with a sample size of 1,000 users.

Not too long ago, Ethereum (ETH) made headlines after the SEC decided to solidify its label. During a case against KIK, the U.S. SEC has stated once again that Ethereum (ETH) is a usable currency and not a security. This is not the first time when the SEC classes the digital asset, but now they surely solidified the precedent with this latest move. As reported by UToday, the SEC has claimed that Bitcoin (BTC) is not a security and neither is ETH.