The insurance industry has been collaborating to develop blockchain technology adoption. The three major insurance consortia B3i, RiskBlock Alliance and Insurwave all aim to improve efficiency and cut costs. All three groups are building their products on top of R3 Corda blockchain platform.
- B3i (Allianz, Zurich, Aegon, AIG): Prototype for property CAR XoL reinsurance contracts
- RiskBlock Alliance (Liberty Mutual, Marsh, Nationwide, USAA): Proof of insurance, subrogation and parametric insurance
- Insurwave (Willis Towers Watson, XL Catlin, MS Amlin, ACORD): Platform for marine insurance
This platform is a great fit for the insurance industry. It was designed with the the financial industry in mind, but is essentially focused on data security. One of the biggest factors in these three groups choosing the same platform is interoperability. All insurance solutions built on Corda will be able to operate between each other seamlessly.
“What we really liked about the Corda design is that they share information only on a transaction level between parties, so they are not putting transactions into blocks and sharing transactions with parties that are not involved, and this was very important to us. It’s crucial for us that transaction information is private between counterparties.” – Markus Tradt, CTO of B3i
The group was initially created by Aegon, Allianz, Munich Re, Swiss Re and Zurich, but within one year, had added 23 new members including AIG and AIA. The consortium announced in March that it is transitioning into an independent company incorporated in Switzerland in order to “streamline the development, testing and commercialization of blockchain solutions.” B3i was initially building their prototype on Hyperledger Fabric of IBM, but switched R3 Corda last month.
The RiskBlock Alliance
A Pennsylvania-based risk and insurance group The Institutes launched this group earlier in 2018, and was quickly joined by 18 companies. RiskBlock announced last week that it will build its first use cases on R3’s Corda platform, even though they had experimented with a private Ethereum network.
Guardtime and EY jointly developed Insurwave. The shipping industry focused platform uses Microsoft Azure’s cloud services in combination with the R3 Corda blockchain. The largest container shipping company, Maersk, started using the platform in May.
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Amazon, Starbucks to Start Their Own Cryptocurrencies?
- Liquid Network Upgrade Gives Bitcoin Long Term Viability
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- DeFi Rising – Interview With Akropolis Team On Upcoming Delphi Full Launch
- ConsenSys Brings Kaleido to AWS
- Ren Alliance To Promote DeFi Interoperability
- 2018 Blockchain Summit London Highlights
- Big News: Ripple Price is about to TRIPLE? This News Confirms…
- TEN Capital Hosting Emerge ICO Summit In Texas
- Maersk and IBM – TradeLens Platform Now Has 94 On Board
- DeFi Aggregation And Automation Based Akropolis Protocol Launched On Ethereum
- Ripple Price Prediction – How High will XRP Reach in 2025?
- Govurn: Exclusive insights on Blockchain governance and the future
- Shaping the Blockchain & Crypto Ecosystem at Hong Kong Blockchain Week 2020 November 17-19, With Main Block O2O Virtual Summit on Nov 18th
- How High will XRP Price reach after Ripple wins the SEC Lawsuit? XRP 3$?
- Safe Haven Introduces Continuity Solutions
- Regulatory pressure finally catches up with cryptocurrencies
- DeFi: Bancor v2.1 To Launch in October! What Will The Upgrade Bring?
You might also like
More from Blockchain
Say Goodbye to DOGE and Hello AIDOGE! Prices are up by 150%?
In this article, we will explore ARBDOGE, its key features, and why it has gained attention in the world of …
While PEPE Price BOOMS, Shiba Inu prepares to DOUBLE in Prices?
Shiba Inu price could still see a sharp rise. How high can the price rise by the end of the …
SPOT ON Cardano Price Prediction for May 2023: ADA 2$ in sight?
Let's analyze Cardano price prediction article to see where this digital asset may be headed. Is an ADA 2$ feasible …