Accenture, Zurich Benelux Deploy Blockchain Solution for Surety Bonds

Professional services firm Accenture announced on Tuesday that it is partnering with Zurich Benelux, a unit of the insurance company Zurich Insurance Group. The two teams launched a blockchain-powered solution that enables Zurich’s clients in Benelux to manage surety bonds. Benelux is a political and economic union that comprises Belgium, the Netherlands, and Luxembourg. Surety bonds, which are the focus of Accenture’s first-of-its-kind blockchain service, are special agreements between at least three parties – the principal (who needs the bond), the obligee (who requires the bond), and a surety company, which in this case is Zurich. These instruments are meant to guarantee the performance of an obligation in company transactions, and are widely used in construction projects, for example. The surety bond guarantees that the principal will behave in line with specific laws. If the principal fails to act accordingly, the bond will cover losses and damages. Research Firm Finaccord…

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