The U.S. state of Vermont is launching a blockchain pilot project for the captive insurance industry.

The state government announced Friday that the Office of the Vermont Secretary of State and the Vermont Department of Financial Regulation have signed a memorandum of understanding to conduct the pilot that will examine the tech’s potential in digital recordkeeping and registration and regulatory processes.

The trial program will give captive insurers – licensed insurance companies formed by one or more parent entities to provide self coverage – in the state an option to file registration and reporting documents using private blockchain technology. The state government currently maintains paper and digital copies of filed documents.

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