European insurer Wakam becomes Tezos validator

French insurer Wakam joined the Tezos blockchain platform’s ecosystem as a corporate validator (baker).

🎉Thrilled to become a baker of @tezos

What is it?

✅It’s Proof-of-Stake public blockchain with a unique on-chain governance mechanism that allows the protocol to upgrade itself.
✅By becoming a baker, we will validate transactions (blocks) & add them to the #Tezos #blockchain. pic.twitter.com/MHm5yHestI

— Wakam (ex-La Parisienne Assurances) (@hello_wakam) March 24, 2021

For a digitally oriented insurer, this is not the first foray into distributed ledger technology. In 2018, Wakam was among the first in the industry to use the SaaS product from the Sequence project.

In 2020, the firm moved to an open-source Quorum solution— the corporate version of Ethereum.

By the end of the year, Wakam will complete on-chain governance automation for over 550,000 insurance contracts and claims.

“We are deeply convinced that smart contracts and blockchain, based on decentralized automated governance tools that lead to reasonable operating costs, guarantee consumers full transparency and immutability of their contracts. This is the future of insurance,” said Olivier Jaio, the company’s CEO.

The fact that Tezos has French roots, Wakam said, was one of the factors influencing its decision to use its blockchain.

What is Tezos (XTZ)?

Earlier, a baker in the Tezos network became a division of the French energy company EDF Group.

The country’s central bank used the platform for experiments with the national digital currency.

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