Brad Smith is joined by Micah Winkelspecht, Founder and CEO of Gem at the Consensus Summit 2017. Winkelspecht notes that this year's summit was well represented by large enterprise companies, many of which Gem has an interest in working with in the future. He also mentions that many new enterprise companies are stepping into blockchain and that is also exciting for the industry and technology. With the entrance of larger companies in the blockchain sector, it is clear that this technology is quickly moving toward real world applications.
How Would You Explain Blockchain to a 5th Grader?
Winkelspecht answers the question, "How would you explain blockchain to a 5th Grader?" with ease. He says, "The simplest way to think about blockchain is essentially, one-shared-story. We all need to tell stories about whatever it is that we care about whether it is financial transactions or parts moving through the supply chain. When you have many different people, if we all disagree, that creates a lot of friction and a lot of reconciliation around what my version of the truth is or another person's version of the truth. If we can all share one story, then that simplifies the way that we communicate to each other about that thing. Whether it is a finance application or a piece of data or a spare part moving through an airline supply chain."
Insurance Innovations: How Blockchain is Reducing Costs and Time
The Gem CEO talks with Nasdaq about Gem's work with Capital One to create an insurance claims reconciliation project. Claims reconciliation is a huge cost to the medical industry, for example up to 300 people can touch a medical claim which is a huge driver of cost. A large driver of the cost is that there are individual versions of each medical claim which requires efforts to reconcile what the true facts are for the claim. Many of those costs can be reduced if each medical record had the same information across the spectrum of interactions during the claim process.
Gem and Toyota Research Institute: Better Pricing of Insurance via Blockchain Technology
Winklespecht talks through the recently announced partnership with Toyota Research Institute to take data from on-board automotive telematics. This new data that is streaming off of new car telematics is being used in the partnership to create better priced insurance based on how a person drives and uses their car. They are looking at a new insurance model based on the usage of a car, so that those who drive less will pay less -- creating new innovative insurance products for the market.
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