Blockchain Platform Corda Selected By Insurance Group B3i For Upcoming Products

Announcements, Blockchain | June 18, 2018 By:

The Blockchain Insurance Industry Initiative (B3i) has announced that it will be using R3‘s Corda blockchain platform to build its upcoming products.

Founded in 2016, the B3i is a collaboration of 15 global insurers and reinsurers formed to explore the potential of using distributed ledger technologies (DLT) within the industry for the benefit of all stakeholders in the value chain. The B3i is backed by notable firms including insurance giants AIG and AIA as well as founding members like Allianz, Aegon, and Swiss Re, among others.

Corda is the outcome of over two years of intense research and development by R3 and its members. It is designed from the ground up for businesses operating in complex and highly-regulated markets. The blockchain platform records, manages and executes institutions’ financial agreements in synchrony with their peers, creating a world of frictionless commerce.

B3i said that after an extensive evaluation of the available open source blockchain technologies, it has concluded that Corda offers the best blockchain solution available and will enable it to efficiently deliver business value to its clients.

“Corda is built on established and industry-proven technologies and standards,” B3i said. “This enables full integration of Corda nodes in the professional and compliant IT environments that are used by B3i’s clients. Corda offers the infrastructure for a strong ecosystem and provides the opportunity to create innovative products.”

Markus Tradt, CTO at B3i, said that the Corda platform offers the optimal solution in the market to deliver the B3i roadmap and their industry-wide insurance blockchain ecosystem.

The news came after B3i announced its transition from a consortium to an independent legal entity. Called B3i Services AG, the new entity has its own capital and intellectual property, and will streamline the development, testing, and commercialization of blockchain solutions.