Blockchain technology has been embraced in many of the world’s largest and most successful industries, with the insurance sector just one area where it has been utilised to great effect.
Thus, when the biggest blockchain insurance consortium on the planet, B3i, announced that they’d be using R3’s Corda platform to build future products, there wasn’t too many onlookers who were surprised.
There may be a lack of shock, but there certainly wasn’t a lack of awe, as the Blockchain Insurance Industry Initiative (B3i) announced that they will use the platform to further a prototype reinsurance blockchain.
The group, which was founded by Allianz, Aegon and Swiss Re (while being supported by AIG and AIA) also revealed that they will use a smart contract system to reduce paperwork.
A press release provided by the group stated that B3i “concluded that the Corda platform offers the best blockchain solution available, providing a solid foundation for B3i to efficiently deliver business value to its clients.”
It added that they expect the “full integration of Corda notes… in the professional and compliant IT environments that are used by B3i’s clients.”
For those of you who don’t know, R3 is a group of banking organizations who launched the Corda platform in the Autumn of 2017.
Their CTO, Richard Brown, discussed B3i’s move in a statement, which read: “We are delighted that B3i has selected Corda as its preferred platform and our engineering team is looking forward to working closely with the excellent team at B3i to bring their innovative solutions to market.”
It’s an interesting move within the financial industry and one that is sure to make waves within the insurance world.