State Farm is also on the blockchain

If more and more alarms continue to arrive on the danger of cryptocurrenciesHowever, it should be stressed that even those who oppose digital assets do not have excessive qualms to recognize the validity of Blockchain technology. An increasingly widespread orientation which has recently led many leading financial and insurance companies to undertake collaborations with specialized companies in the sector.
The last of these, State Farm, is a true insurance giant, holding the position of leader in sectors such as those related to property and accidents, as well as auto insurance. With a turnover of over 85 billion dollars, to which an army of 65 thousand employees contributes, since 1999 State Farm has also dealt with financial services, with an eye to banking and fund management. Activities that have led the top management to look with ever more evident interest in the potential of the Blockchain.

The note from State Farm

It was the US insurance company that made its name known willingness to use a system based precisely on Blockchain technology for the management of a part of its business in concert with the Unived Services Automobile Association. The official declaration issued in this regard has in fact formalized the decision of the two companies to proceed in this direction in order to automate insurance surrogation processes. By subrogation is meant the process that starts from the agreement between two companies regarding the financial compensation to be paid to the victim of an accident. In practice we are talking about the final phase of the process which is inaugurated by an accident, considered by experts to be the most complicated ever to manage for the companies involved in the transaction.
To understand the relevance of the matter, it will be enough to remember how only in the United States do these processes handle around 10 billion each year, which, moreover, is accompanied by commission costs and those deriving from the inefficiency of the triggered processes, which are particularly high.

A very important announcement

State Farm's announcement not only caused quite a stir, but also provided one remarkable propaganda weapon to those who declare themselves in favor of virtual uniforms, as it attests to the validity of the technological processes on which virtual assets are based.
A propaganda corroborated a couple of weeks ago by theannouncement made on that occasion by LVMH, the French multinational that holds control of two luxury giants such as Louis Vuitton and Christian Dior. The transalpine company, in fact, has decided to start one partnership with ConsenSys, aimed at developing a blockchain for checking the originality of garments and accessories. Object of the collaboration the Aura system, which would allow to offer support to the entire luxury industry with its technology, guaranteeing the absolute traceability of the products. A traceability which could prove decisive by being used with the aim of checking the originality of the products of companies that have always been victims of counterfeiting, with the consequent loss of revenues that follows.

The Blockchain continues its ascent

If, therefore, the fears of the traditional financial world and of the political and monetary institutions towards the digital currencies seems destined to remain still in the medium term, Blockchain technology's reputation continues to increase dramatically, based on its evident goodness. In fact, companies from the most varied sectors are increasingly favoring its adoption, considering it a factor capable of acting positively on aspects such as speed of transactions and the reduction of costs incurred on them. Aspects which have pushed to pronounce favorably also personalities not suspected of excessive sympathy for cryptocurrencies, such as Mario Draghi, which during a 2018 debate had not hesitated to declare all its interest in the Blockchain, defining it very promising precisely for its ability to speed up and optimize many processes, while remembering the need to test it carefully in order to improve it .