Today, Wakam, the leader of digital insurance in Europe, expanded its involvement in the Tezos ecosystem by becoming a corporate baker. Tezos is 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. By officially becoming a baker, Wakam will now validate transactions (blocks) and add them to the Tezos blockchain.
Wakam becomes a baker of the Tezos protocol
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.
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 today joins more than 400 bakers around the world who participate every day in securing the Tezos network.
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.”
Michel Mauny, President of Nomadic Labs, the largest research and development centre within the Tezos ecosystem in France, added:
"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.”