Santam, SA Innovation Summit to host blockchain hackathon

This is interesting. South African insurance giant Santam is set to host a 24-hour blockchain hackathon at the SA Innovation Summit, which takes place from 23 to 24 September.

The hackathon will, amongst other things, investigate using a digital asset/token or currency (such as Ripple XRP or bitcoin) as a potentially cheaper payment method than conventional methods.

“It is exactly this kind of forward thinking that ensures SANTAM’s success an industry leader and we’re very excited about the greater-good outcomes resulting from this hackathon for all stakeholders in the insurance industry,” said Dr Audrey Verheaghe, Chairperson of the summit.

The Hackathon will explore a number of applications of blockchain like smart contracts, automated payments and tracking assets from when it was purchased, until destroyed or stolen. Previous claims that have been made for that asset can also be tracked thereby helping insurers prevent, detect and counter fraud.

“Fraud is a critical challenge for the insurance industry and we at Santam work with other stakeholders to promote awareness of fraud as well as continually improving our systems of detection and prevention. We have now partnered with the SA Innovation Summit to challenge blockchain experts to use this innovative technology to find solutions to fraud that the industry could adopt. Preventing and reducing fraud will benefit consumers and insurers alike and demonstrably illustrate what Insurance Good and Proper means from a Santam perspective,” says Nathan van Rooyen, Head of Digital Business Support at Santam

Prizes include R10 000 cash for the winning team, training courses from The Bitcoin Academy and spot prizes during the event.

To participate in the event, Hackers can register online.

Image: BTC Keychain