As a corporate baker, Wakam will now validate transactions (blocks) and add them to the Tezos blockchain.
France, March 25, 2021 /AlexaBlockchain/ – Paris-based digital insurer Wakam (Formerly La Parisienne Assurances) has expanded its involvement in the Tezos ecosystem by becoming a corporate baker.
Wakam’s role as a Tezos baker
Wakam has expanded its involvement in the Tezos ecosystem and blockchain by becoming a corporate baker. As a corporate baker, Wakam will now validate transactions (blocks) and add them to the Tezos blockchain.
Wakam stressed that Tezos is smart money, a Proof-of-Stake public blockchain with a unique on-chain governance mechanism which allows the protocol to upgrade itself. The protocol has successfully upgraded five times with the most recent upgrade, Edo. The technology behind Tezos makes it an ideal location for the creation and management of digital assets and decentralized applications.
Michel Mauny, President of Nomadic Labs, the largest research and development centre within the Tezos ecosystem in France, commented:
“Many actors are quickly seeing the extraordinary potential of blockchain in the insurance ecosystem as it holds the promise of transparency and simplicity. We are particularly proud to welcome Wakam to the Tezos ecosystem.” – Michel Mauny, President of Nomadic Labs
Wakam, Blockchain, and Tezos
In 2018, Wakam was one of the first insurers to start using Sequence, a SaaS blockchain product for his policies management system. By 2020, Wakam migrated to open-source software Quorum, an enterprise version of Ethereum, and started to timestamp its policies in a public network (Bitcoin), enhancing a more transparent experience. In early 2021, Wakam automates the management of more than 550,000 contracts on the blockchain and is expecting to complete automation of complex products and claims for 2021.
Commenting on the development, Olivier Jaillon, Chief Executive & Enablement Officer of Wakam, stated:
“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. – Olivier Jaillon, Chief Executive & Enablement Officer of Wakam
Wakam states that becoming a Tezos baker is a new step in Wakam’s ambitious plan to get involved and better understand the vast number of opportunities the world of blockchain provides. Wakam has now joined more than 400 bakers around the world who participate every day in securing the Tezos network.
