American International Group Inc. (AIG - Get Report) and International Business Machines Corp. (IBM - Get Report) announced that they have partnered to use blockchain technology to issue "smart" insurance policies and manage international coverage.
Blockchain is a technology allows for the sharing of data across a network of individual computers. It is the technology that powers the digital currency bitcoin.
The two companies completed a pilot program using blockchain for U.K.-based Standard Chartered Bank PLC (SCBFF) , which uses the technology to share real time information for a main insurance policy written in the U.K. and local policies for the U.S., Singapore and Kenya.
What's Hot on TheStreet
Beware Tesla fanboys: Tesla (TSLA - Get Report) burning money, but shareholders are the likely ones to blister and feel the pain. The standard 90-day corporate equity lockup period for Tesla, following its $402.5 million stock sale of March 16, ends Thursday TheStreet reports. As a result, Tesla will be free to conduct another stock offering as soon as Thursday, which is a real possibility given the electric car company's debt situation, partly due to its Solar City investment, and need for additional cash. Any new issuance the company may seek would likely need to take place before July, which is when Tesla issues its quarterly report on car sales. Alternatively, an offering could come in late August after Tesla issues its quarterly financial report.
Shares could start to come under pressure.
Mining stocks get whipped: Global mining stocks found themselves in a hole Thursday TheStreet reports, after South Africa's government said that at least 30% of domestic mining assets should be black-owned even if previous black owners sell their stakes. South African-exposed mining companies fell sharply in the wake of the announcement. London-listed Anglo American plc (AAUKF) tumbled 4.4% to 1,013 pence ($23.87) a share, South32 Ltd fell 4% to 158 pence, BHP Billiton plc (BHP) was down 2% to 1,155 pence, Rio Tinto RIO fell 2% to 3,079 pence and Glencore plc (GLNCY) fell 2.6% to 279.2 pence. South African gold producers were hit even harder. Sibanye Gold Ltd. (SBGLF) plummeted 6.7% to 1,562 South African rand ($121.38) and AngloGold Ashanti Ltd. (AU) fell 4.8% to 14,015 rand.
Amazon eyes a new prize: Amazon (AMZN - Get Report) may be preparing a deal to buy Slack Technologies in a deal that could value the messaging startup group at more than $9 billion, TheStreet points out. With Microsoft's (MSFT - Get Report) deal for LinkedIn being well-received, this deal seems logical for an Amazon that is aggressively expanding into the cloud.
One has to wonder though: why isn't Apple (AAPL - Get Report) considering Slack or for that matter, Twitter (TWTR - Get Report) . Each service would provide valuable insight into human behavior from which to build new products and services.
Worried about how to pay for your golden years? Ken Fisher, founder of Fisher Investments, and TheStreet's Jim Cramer will tell you what you need to know in a June 21 webinar on the market trends that are shaping retirement planning today. Register here for the event, which starts at 11 a.m. ET.