Big Insurers RiskBlock Join R3’s Blockchain Tech
The RiskBlock Alliance that includes major leaders in the insurance industry such as Liberty Mutual, Chubb and Marsh took almost two years but made the decision to go with R3’s Corda platform to build its initial set of use case. This news comes soon after B3i, a European reinsurance consortium shifted to Corda as well. After RiskBlock’s decision, all major insurance consortiums are users of Corda.
Vice President of RiskBlock, Patrick Schmid said:
“It was a close race – and we haven’t worked out all the details yet – but we have decided on Corda, and we are moving in that direction.”
They had been considering Quorum developed by JP Morgan Chase, Digital Asset and Hyperledger Fabric apart from Corda.
Even though RiskBlock was a founding member of the Ethereum Enterprise Alliance, Riskblock decided to take a different course this year after receiving feedback from their affiliates and member companies. Members liked Ethereum’s smart contacts and blockchain enabled technology but were concerned with the segregation of data. They were concerned about the lack of privacy that arose from a public network and the risk around the data being stored even though it was encrypted and hashed.
A lot of insurance companies have moved over to Corda because of its increased privacy and scalability. The information is shared on a bilateral and multilateral basis which means that parties that are not involved in the transactions will not have access to this information.
Ryan Rugg, the global head of insurance at R3 said,
“Corda gives insurers the ability to integrate and secure disparate data sources, whilst simultaneously ensuring transparency across an interconnected network of clients, brokers, insurers and other third parties.“
B3i stated that for enhanced data privacy, developer productivity and interoperability, they found Corda to be the best fit for their present and future business strategy in the insurance sector. Patrick Schmid, VP of RiskBlock, also stated that B3i’s decision to move to Corda was a major catalyst in RiskBlock’s own decision as well.
As a result, R3 has emerged as an industry leader in the area of distributed ledger technology.
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