June 26 – 5 Key Stories From The Digital World

By June 25, 2019 Insight

1. Tackling the IoT opportunity for commercial lines insurance

  • allows insurers to develop new products, open new distribution channels, and extend their roles to include prediction, prevention, and assistance
  • Required preconditions for IoT technology to take off are already in place: data is omnipresent, computing power is rapidly increasing, and connectivity technology is steadily maturing and becoming standardized
  • By 2025, the total economic value created through IoT could reach $11.3 trillion across various sectors and application areas

2. There Are Now More Than 5,000 Bitcoin ATMs Around the World

  • there are now 5,006 standalone BTMs in around 90 countries, where cryptocurrency users can buy or sell bitcoin…Some machines offer both services simultaneously
  • data caps a protracted period of growth in the BTM sector, with the U.S. leading the trend as more and more locations and formats appear
  • The U.S. currently has more than half of the world’s BTMs at 3,229, with a new pilot scheme this month bringing the machines to Circle K convenience stores in Arizona and Nevada

3. JPMorgan to Start Customer Trials of Its ‘JPM Coin’ Crypto

  • head of digital treasury services and blockchain, said that customers would trial the technology with the ultimate aim of speeding up transactions, such as payments between firms and bond transactions
  • JPM Coin will function as a stablecoin, with fiat cash being deposited at the bank in exchange for the token, which can then be transferred via a permissioned distributed ledger. The recipient can later redeem the token for cash from JPMorgan.
  • As well as inter-firm remittances…the cryptocurrency could be used to settle bonds and commodities transactions

4. Walmart China Takes on Food Safety with VeChainThor Blockchain Technology 

  • announcement of the Walmart China Blockchain Traceability Platform came with the introduction to the first batch of 23 product lines that have been tested and launched on the Platform
  • Platform is expected to scale by another 100 product lines by the end of the year covering more than 10 product categories including fresh meat product, rice, mushrooms, cooking oil, etc
  • expected that the Walmart China’s  traceability system will see traceable fresh meat account for 50% of the total sales of packaged fresh meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020

5. A.T. Kearney: Competing in an Age of Digital Disorder

  • competition to maintain relevance and international competitiveness in the 21st-century digital economy is intensifying across a variety of technologies, but two in particular stand out: 5G wireless networks and artificial intelligence
  • An estimated 3.2 billion people were active social media users in 2018, representing roughly 42 percent of the global population
  • recent study found that AI-generated business value reached an estimated $1.2 trillion in 2018—a number that could reach $4 trillion by 2022