Long Finance’s Distributed Futures research programme is pleased to announce the launch of a research project to develop a Cyber-Catastrophe - Insurance Linked Security prototype on a smart ledger (aka blockchain). The project is part of a series of projects in the Distributed Futures research programme, which has significant sponsorship from the Cardano Foundation.
The trial will build a cyber-catastrophe insurance-linked security (ILS) that polls networks in a geographical area to determine whether they are functioning correctly. The polling system will trigger a contract payment if a threshold of networks are not functioning. This trigger could, in turn, be linked to a tradable security. The pilot is scheduled to complete in Spring 2018. Long Finance are already working with one reinsurer on the project and are interested in being contacted by other relevant parties.
James Pitcher, Distributed Futures’ Programme Director at Z/Yen Group, commented “We expect to see greater emphasis on cyber security, as more and more organisations use Smart Ledgers and associated technologies”.
Notes to Editors
Cardano Foundation - https://cardanofoundation.org/
Cardano Foundation is a blockchain and cryptocurrency organisation based in Zug, Switzerland. The Foundation is dedicated to act as an objective, supervisory and educational body for the Cardano Protocol and its associated ecosystem and serve the Cardano community by creating an environment where advocates can aggregate and collaborate.
The Foundation aims to influence and progress the emerging commercial and legislative landscape for blockchain technology and cryptocurrencies. Its strategy is to pro-actively approach government and regulatory bodies and to form strategic partnerships with businesses, enterprises and other open-source projects. The Foundation's core mission is to "standardise, protect and promote" the Cardano Protocol technology.
Long Finance – www.longfinance.net
Established in 2007, Long Finance aims to improve society's understanding and use of finance over the long term by hosting and promoting a series of lectures, discussion events and research publications. The initiative began with a question – “when would we know our financial system is working?” – and seeks to challenge a financial system that revolves around short-term thinking and practices.
Z/Yen Group – www.zyen.com
Z/Yen is the City of London’s leading commercial think-tank, founded to promote societal advance through better finance and technology. Z/Yen ‘asks, solves, and acts’ on strategy, finance, systems, marketing and intelligence projects in a wide variety of fields. Z/Yen manages the Long Finance initiative.
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