John Hancock has announced that its innovation center, the Lab of Forward Thinking (LOFT) will collaborate with two companies on a proof of concept for using blockchain technology.

The companies ConsenSys and BlockApps will work with LOFT to apply blockchain technologies in onboarding wealth management clients. Blockchain technology, originally developed for the digital currency Bitcoin, works as an online ledger for recording transactions.

"Our goal is to simplify and enhance the customer experience when they first begin doing business with us. In the wealth management business this involves not only satisfying customers, but regulatory and legal aspects as well," said Ace Moghimi, Assistant Vice President and Head of Innovation, North America, John Hancock. "We could not have found a better partner than ConsenSys and BlockApps to accelerate our understanding and ability to build out applications leveraging blockchain."

(This article appears courtesy of our sister publication, Insurance Networking News)


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