Dubai – Muabsher: Takaful Al Emarat Insurance on Wednesday announced that it joined Blockchain Insurance Industry Initiative that aims to use the technology in improving insurance industry.

Blockchain technology is a secure decentralised network that can execute different kinds of transactions related to governmental documents, stocks, financial products, commercial contracts and digital currencies, with speed and efficiency.

Using the technology in the insurance sector will revolutionise the industry by reducing the administrative operations.

This initiative is in line with the announcement of the long-term alliance between Takaful Emarat and Bayzat Dubai to provide creative solutions for insurance.

Takaful is the first company in the Middle East to join the initiative, which was launched by Aegon, Allianz, Munich Re, Swiss Re and Zurich.

The field-testing of blockchain prototype will be launched in October 2017.