Lloyd's underwrites first blockchain solution for sharing economy

The interior of the Lloyd's building in London

The first blockchain insurance product for the sharing economy - underwritten at Lloyd's - has launched.

Sharing economy firm Vrumi, which connects professionals needing workspace with householders who have spare rooms, has partnered with insurance start-up Safeshare Global on the new product.

The product uses a distributed ledger - or blockchain technology - created by Z/Yen Group to confirm the obligations of each party.

Vrumi co-founder Roddy Campbell said insurance was the biggest practical problem facing the expansion of the sharing economy.

"In practical terms, most traditional home insurance policies exclude paying guests. This renders those policies void should any issues occur," he said.

Alex Steinart, Safeshare Global co-founder said: "Insurance for the sharing economy needs to be flexible and responsive to customer needs. Our distributed ledger approach, developed by Z/Yen Group, offers the opportunity to coordinate the provision of products between counter-parties in near real-time and to radically cut the cost of this coordination."

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