In March of 2022, the innovation and economic and attaché with the Consulate General of Israel to New England located in Boston was referred to the BBA by Bill Callahan with Blockchain Insurance Group as a potential partner. With a shared vision to build bridges between the tech community in Boston and the tech community in Israeli, we began to collaborate. Last week, we completed a first step by convening a small, private event to see if we could bring interested parties together.

The meeting featured a distinguished panel sharing stories, strategies, tactics, and tools in the battle against the use of digital currencies to finance illicit activities. The panel also discussed wider solutions around the automation of regulatory compliance while maintain privacy, notably the use of Zero-Knowledge Proofs by Sealance.io.

Due to the success of this event, plans are now underway for a public event in Boston in late Spring timed to celebrate the 75^th anniversary of Israel’s Independence. The hope is to feature a broader application of blockchain technologies across industries such as insurance, supply chain, biotech, pharma, climate, and oceans.

Looking back at the event, we thought the BBA Community might like to hear reflections from a couple attendees.

From Karen M. Knox, Senior Advisor, NFP

Digital Assets & Infrastructure — International — Risk & Benefits Solutions

1. What did you most like about the event?

The small group and informal setting led to genuine conversation; I would like to see more of this in 2023. The esteemed panelists shared real insights, challenges, and solutions around the use of blockchain technology in a way that either a newbie or an experienced professional could appreciate.

2. What was your most compelling take-away from the panel?

One of the panelists offered insight into the security and privacy conversation and how it has moved from the airport to currency over the last twenty plus years. It summarized well how our challenges with security and privacy have evolved. We see the demand for greater security over our assets coupled with the demand for greater privacy, which had been sacrificed for the sake of security. How can governments and institutions improve security to its citizens and customers while also empowering individuals with control and increased privacy over their own assets?

3. What are your thoughts on the direction the industry needs to take?

The industry should focus on the practical solutions that can be readily adopted by institutions and individuals, while continuing to encourage innovation. The more the industry supports thoughtful adoption instead of quick and splashy implementation, the better the outcomes. Within the blockchain community, I would like us to walk away from industry events and discussions with ideas and actionable items.

From Vijay R. Kesavan

Prudential International Insurance

Global Technology – VP Digital Solutions

1. What did you most like about the event?

Very diverse and enriching discussion on risks, regulatory response across the globe and the future of digital assets. The rapidly evolving technology and political landscape around digital assets will determine the future of financial service innovation & promote financial inclusion / financial equity.

1. What was your most compelling take-away from the panel?

Broadly, the global regulatory response to prevent money laundering and funding for terrorism is very encouraging and will accelerate adoption of digital assets. From the insurance industry specific standpoint, I was impressed to learn about the Sealance efforts to embed controls like compliance and privacy on-chain to ensure consistent and efficient enforcement of policies while protecting privacy.

1. What are your thoughts on the direction the industry needs to take?

Beyond governance, there are several friction points, e.g., cross-border funds transfer, benefits administration for a globally mobile workforce, etc., and inefficiencies e.g., delays in processing claims and processing/storage of data for reconciling multiple versions of transactions across entities. Leveraging blockchain and related technologies, these systemic issues can be transformed into seamless & efficient consumer experiences which can then be scaled to promote financial inclusion & equity.

(Notably, these thoughts were shared by two attendees who are also working on a future BBA event focused on insurance-related applications of blockchain. Thank you, Karen & Vijay.)

In conclusion, the BBA congratulates Ambassador Meron Reuben with the Consulate General of Israel to New England for a successful event. Kudos especially to Eli Levin, Innovation and Economic Attaché and Mimi Almeida, BBA Strategic Event Producer.

See below for more photos, reflections, and attendees comments. Reactions to and Reposts of these updates would be most welcome.

• The Consulate General of Israel to New England
• Attaché Eli Levin
• Panelist Ari Redbord with TRM Labs
• Mike Wise with the BBA