The Unstoppable Trend of Blockchain Technology overturning Financial Industry, AITD Being Pioneer.

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The Unstoppable Trend of Blockchain Technology overturning Financial Industry, AITD Being Pioneer.

November 12
23:24 2019

As is well-known, Blockchain Technology, a significant technological revolution, has officially entered the financial industry. Since the year of 16, American Trust Insurance Bank (AITD) and Stanford University School of Computer have jointly developed the global financial settlement system of cross-currency and blockchain insurance system. Aiming at the influence of blockchain technology on financial settlement and blockchain insurance and its development trend, our reporter recently interviewed James Locke, President of Corporate and Institutional Services Business Unit of American Trust Insurance Bank. He said that blockchain technology has brought significant optimization to the financial industry, and blockchain will raise the revolution and breakthrough of financial industry in the field of bank settlement and insurance. He believes that it will be the development trend that financial industry integrates with blockchain technology in the next 10 years.

Blockchain technology can directly provide end-to-end payments for both parties without any intermediary agency, which shows a considerably improvement in increasing speed and lowering cost. Especially in the aspect of cross-border payment, the cross-border will become more convenient and low-cost if building a common distributed interbank financial transaction system based on blockchain technology which can provide users with real-time payment clearing services with any currency globally.

American Trust Insurance Bank (AITD) is a new trust insurance bank financial institution established by the American Trust Bank in collaboration with the Edwards Family Foundation and relying on blockchain technology for the basis of banking operations. American Trust Insurance Bank will use the new technologies including blockchain, artificial intelligence and big data and other new technologies to overturn financial industry from the bottom, reconstruct the ecology, and create a new global financial format. The Bank commits to providing global financial institutions with a decentralized value transfer service network characterized with cross-border, cross-platform, and cross-asset, which contains anonymous features and supports for standardized technology output and is designed to create a cost-effective, cross-chain blockchain financial solution for financial institutions around the world.

American Trust Insurance Bank, jointed with Stanford University in 2015, formed a 160-person blockchain development team, which worked out the solutions to global currency settlement, second rate settlement and security verification of blockchain. Furthermore, the blockchain development team also proposed STT algorithm mechanism and the multi-dimensional settlement technology for stereo trust verification and exerted and applied the advantages of blockchain effectively. Because of these, the verification and settlement speed of blockchain has been improved by 30%.

The American Trust Insurance Bank (AITD), relying on its own global banking layout, has used the STT algorithm mechanism to take the lead in global settlement, has realized the second-settlement between legal currencies and has opened a new path for global settlement.

At the same time, the American Trust Insurance Bank (AITD) has developed blockchain insurance relying on big data and artificial intelligence and has overturned and rebuilt new ecology of insurance industry from multiple links such as products, channels, claims, and anti-fraud.

For the insurance product design, the blockchain is conducive to promoting the breakthrough of bottlenecks in the insurance category with strong customized attributes and rapid development. For the selling of insurance, the application of blockchain technology can simplify the sales process, save sales costs, and achieve insurance sales traceability. For the insurance claims, the application of blockchain technology can improve claims efficiency and enhance customer experience. Smart contract technology can simplify claims submission procedures, reduces manual review requirements, and shorten processing cycles. At the same time, it’s easier to identify suspicious behaviors historical claims and asset source records in distributed ledgers. For the field of insurance anti-fraud, the application of blockchain technology can effectively prevent the occurrence of fraudulent incidents.

The blockchain technology can realize the direct connection between both parties, remove intermediate links effectively and speed up the sharing of data and simplify the cumbersome processes and improve safety. That’s why large financial institutions such as the American Trust Insurance Bank (AITD) and countries are widely involved in the development and application of blockchain. The blockchain will overturn the financial industry and the future has already come.

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