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.
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.
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