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Wakam Joins The Tezos Ecosystem As A Corporate Baker

Wakam, previously named La Parisienne Assurances, are to become a corporate baker on Tezos. They will become the 5th corporate baker on the blockchain.

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Wakam

Wakam (previously La Parisienne Assurances), describe themselves as an:

Insurance company that creates white-label and tailor-made insurance solutions for its distributor partners and clients.

Wakam, based in Paris and who operate with over 120 employees, offer many B2B insurance services to large partners and clients.

The company utilizes technology, including the blockchain to offer innovative Insurtech services to these large organizations. Some of their partners include large corporations like Yamaha Motor Company, and other big insurance entities such as AIG. You can read a case study of how Wakam helped Yamaha here.

In February it was announced that Revolut, an English financial technology company based in London with over 13 million customers, 1,500 employees and valued at over £4.2 billion, partnered with Wakam and Qover to offer a new insurance package to cover its customers on the Revolut Metal, Premium, and Plus plans.

This was done to provide insurance cover for these European cards in 33 countries with embedded insurance to protect:

“…against damage, theft of their purchases, disputes with sellers, and show cancellations due to unforeseeable circumstances (including Covid-19).  Launching this embedded insurance across 33 countries is an additional step forward for the financial super app.”

Insurance is thought to be one of the largest and most suitable industries for blockchain to disrupt, due to the many traditionally influenced inefficiencies in the sector.

Wakam And Tezos

It has been announced that Wakam will be joining the Tezos ecosystem as a corporate baker. This will make Wakam the 5th company to join the Tezos ecosystem as a corporate baker, alongside Exaion EDF (Electricité de France S.A.), Sword France, The Blockchain Group and Nisbah Capital (Taibah Valley).

Due to the unique nature of both the unique Tezos governance mechanism, and its LPoS consensus mechanism, it is possible for companies to set up corporate bakers, validate blocks and vote on future upgrades to the protocol.

This enables them to play an active role, and also have a say when it comes to the direction of blockchain development via amendment upgrades. It essentially gives them a stake in the blockchain that they are running programs and applications on.

From the other side, it’s a show of commitment to Tezos, meaning as the company are actively building a base around the blockchain by committing resources and utility to the endeavors. Tezos is considered to be a green blockchain and as many organizations have commitments to corporate social responsibility, this makes corporate baking on Tezos a good fit.

In a statement, Olivier Jaillon, Chief Executive & Enablement Officer of Wakam commented:

“We are deeply convinced that smart-contracts and blockchain, which are based on decentralized automated management tools and result in reasonable transaction costs while guaranteeing consumers complete transparency and immutability of their contracts, is the future of insurance.

The Intrinsic qualities of the Tezos protocol, which is based on Liquid Proof-of-Stake, make it more secure and sustainable than most other blockchains.

As Wakam is in the process of becoming a “Mission-driven Company”, Tezos aligns perfectly with our CSR commitments. As a French digital insurer, we are also more than happy to work with a project with strong French roots.”;

Wakam are no stranger to the blockchain space and they use the blockchain to automate

…the management of more than 550.000 contracts on the blockchain and is expecting to complete automation of complex products and claims for 2021.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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