The two insurance giants in the U.S. has closed a deal that will see them using the blockchain to settle payments between them.

The two reported insurance companies are USAA and State Farm.

The renewed interest on blockchain and cryptocurrencies can be traced from the current bullish momentum that the market is experiencing right now as well as the advent of stablecoins and seemingly more regulatory clarity.

Initially State Farm made its blockchain project public last year which apparently have been co-developed by USAA but opted to remain anonymous not until more recently.

Now instead of the two insurance giants issuing billions of dollars of checks to each other they will use the new blockchain system making it more efficient and more cost effective.

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