JDC Group, a Germany-based financial services company, has announced the launch of its blockchain lab, as it advances in its digitisation strategy.

JDC aims to explore the utilization and application of blockchain technology in the insurance industry. It has announced the formation of the subsidiary JDC BLAB GmbH in Triesen, Liechtenstein.

Stefan Bachmann, who previously worked at Google and was named to the JDC Group’s executive board this past summer, will be in charge of the Blockchain lab strategy. He will work with one of his own team of experts and consultants on its continuing development.

“We are consciously positioning ourselves with an emphasis on Blockchain technology and steering clear of the Bitcoin hype,” Bachmann explained in an initial statement. “With the IT solutions we currently have in place, our modern transaction processing infrastructure and the current project team, we are excellently positioned in the value chain to help smart contracts and related product designs based on Blockchain technology achieve a breakthrough in the insurance and investment sector.”

In its official release, JDC said that the launch of the blockchain lab marks the third phase of its digitisation strategy. It follows the establishment of the IFA, an end-client digital wallet allesmeins, and the acquisition of the online comparison plattform Geld.de.

JDC Group will release a whitepaper in late January 2018, detailing its strategy and inviting all those interested in the development of Blockchain technologies to participate in a wide-ranging discussion.