Accenture Launches Blockchain Tool for Employee Benefits

Accenture Launches Blockchain Tool for Employee Benefits
April 18, 2019


The cryptocurrency market is trying to consolidate after the healthy correction that happened over the past week. Bitcoin (BTC), which fell to $5,050 levels, has bounced back to $5,250+ levels in the past 24 hours. Notably, for the fourth year in a row, Bitcoin is on track to end with gains in April. The cryptocurrency started the month at $4,092, implying a price gain of about 27% so far this month. In 2016, 2017 and 2018, Bitcoin gained 8%, 26% and 33%, respectively. Ethereum (ETH) has also gained 2.9% in the past 24 hours to trade at $171.32.

Other major altcoins have made reasonable gains in the past 24 hours. This includes Ripple (XRP-$0.3380, 4.1%), EOS (EOS-$5.50, 0.3%), Stellar (XLM-$0.1179, 2.4%), TRON (TRX-$0.0268, 0.8%) and Cardano (ADA-$0.0829, -0.6%). Litecoin (LTC-$80.38), however, is trading flat compared to the previous day’s close.


Government level initiatives

Blockchain technology given high priority in France

Bruno Le Maire, France’s Minister of Economy and Finance, has announced that his government will give blockchain technology the highest priority. The message was issued while being interviewed by French economics and business magazine Capital.

To prove the commitment of France, Le Maire disclosed that the country intends to invest €4.50 billion in path-breaking innovations such as blockchain, in an attempt to tackle American and Chinese technological superiority.

In addition to the funding mentioned above, Le Maire underlined the arrival of blockchain regulations in the form of PACTE Act, which was endorsed by the French National Assembly last week.

Le Maire termed the bill as “an unprecedented and attractive legal framework for token issuers and digital asset service providers.”

Going forward, Le Maire stated that the government had recognized new sectors that will be given priority under the latest blockchain policy. In 2019,  Le Maire wants blockchain to be implemented in French industrial sectors, finance blockchain ventures, and assist the ventures in clearing legal and regulatory hurdles.


Private sector initiatives

Two updates for Ernst & Young’s blockchain products

Ernst & Young (EY), one of the Big Four auditing firms, has unveiled updates to two of its blockchain products, a zero-knowledge proof protocol and Blockchain Analyzer.

The latest version of Blockchain Analyzer, an analytics tool, is available for both EY teams and non-audit clients in the form of a business application. The previous version was offered to only EY audit teams that assist in collecting the complete transaction details of companies from several blockchain ledgers.

According to Paul Brody, EY Global Innovation Leader for blockchain, the company plans to develop a blockchain powered platform that can be used for multiple purposes such as tax, transaction tracking, and audit. The latest version of the analyzer will facilitate tax calculation for digital assets with the AndyCAAT tool (Andy Crypto-Asset Accounting and Tax) that spontaneously computes capital gains and losses on trades in accordance with US tax regulations.

With the latest version of the zero-knowledge proof protocol, the firm intends to promote the adoption of safe, private trades on public blockchains. Regarding blockchain security, Brody said: “making public blockchains secure and scalable is a priority for EY. The fastest way to spread this privacy-enhancing technology was to make it public.”

Regarding transaction safety, the press release elaborates as follows: “The main component allows for secure, private transfers and payments on the public Ethereum network. This supports fungible token payments compatible with the ERC-20 standard and unique asset transfers compatible with the ERC-721 standard.  The ERC standards are publicly accepted open standards for tokens on the Ethereum blockchain.”


KT Corporation unveils GiGA chain

South Korea’s largest telecommunication enterprise, KT Corporation, has unveiled its blockchain-based fifth-generation (5G) network brand, dubbed “GiGA chain,” which aims to improve the safety of IoT (Internet of Things) systems and to safeguard them from hacking and other kinds of cyber-attacks.

As a part of this new brand initiative, KT built GiGA Stealth technology that blocks hacking attempts by concealing the IP addresses of the linked systems. Hackers can not track the IP addresses because of the use of tailor-made blockchain based system.

Lee Dong-myeon, President of the future platform business group at KT, clarified that considering the increasing vulnerability of IoT devices during the 5G age, the company decided to employ blockchain technology to step up cybersecurity efforts. The company has also argued that cyber-attacks on IoT systems constitute 99% of overall hacking attacks.

The company also unveiled GiGA Chain Blockchain-as-a-Service (BaaS) that permits entities to utilize the blockchain-based app and install main features of blockchain, such as smart contracts that permit firms to manage transactions without any third-party involvement.


Accenture and Generali launch blockchain employee benefit platform

Global management consulting firm Accenture and insurer Generali Group’s employee benefits division have launched a blockchain platform for employee benefits. Generali Employee Benefits (GEB), which provides employee benefit solutions, is the eighth largest firm in the world. The blockchain solution developed in partnership between the Irish consulting firm and the Italian insurer will enable data sharing between parties who handle the reinsurance proceedings for pooling and captive services. The use of smart contracts and automated reconciliation will enhance the reliability of procedures that are carried out during the reinsurance process.

Captive insurance points to underwriters who are totally owned by their insured customers. On the contrary, reinsurance pooling services are a risk funding process utilized by insurers to boost their capability to underwrite precise risks.

The blockchain tool is structured to transform and streamline operations related to GEB’s employee benefits services, which covers policies such as life, accident, disability, and healthcare insurance.  Generali backs the platform and motivated by insurance sector related initiatives taken by blockchain firm B3i.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world

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