Blockchain Lab Created By German Firm JDC Groupbr>
Germany-based financial services firm JDC Group has created a blockchain lab to explore the utilization and application of the technology in the insurance industry. The lab is part of the third phase of its digitization strategy.
JDC Group operates as a financial services company primarily in Germany and Austria, offering what it calls Advisortech and Advisory segments. The Advisortech segment engages in the mediation of financial products to private end customers through financial intermediaries in the broker and liability umbrella sales channels. The Advisory segment provides independent pension and investment advisory for private customers.
The lab, called JDC B-LAB GmbH, will be based in Triesen, Liechtenstein, a doubly landlocked German-speaking microstate in Central Europe. The company said Liechtenstein offers an ideal location for innovative business models based on blockchain technologies, as it is one of the first countries in the world to introduce a working crypto statute.
The new blockchain lab will be led by Stefan Bachmann, who joined the company after leaving Google and who was named to the JDC Group’s executive board this past summer. Bachmann will be in charge of the blockchain lab strategy and will work with one of his own team of experts and consultants on its continuing development.
“We are consciously positioning ourselves with an emphasis on blockchain technology and steering clear of the bitcoin hype,” Bachmann said. “With the IT solutions we currently have in place, our modern transaction processing infrastructure and the current project team, we are excellently positioned in the value chain to help smart contracts and related product designs based on blockchain technology achieve a breakthrough in the insurance and investment sector.”
The company stated that blockchain technology will help them eliminate transaction costs and transaction times. The technology will also enhance the value of information by intelligently linking data together. It added that blockchain has the potential to start a fundamental revolutionary change to the financial and insurance market, just as the broad-scale introduction of the Internet did almost 20 years ago.
“JDC Group is predestined to be the first to professionally utilize blockchain technology to achieve a breakthrough in client relations,” said Dr. Sebastian Grabmaier, CEO at JDC Group AG. “Our focus faces the satisfaction of our private and business clients, who will be able to decide for themselves whether and how their data is used.”