RiskBlock Alliance To Create Insurance Industry’s First Blockchain Platform Using R3’s Cordabr>
The Institutes RiskBlock Alliance is creating a new end-to-end reusable blockchain framework using R3’s Corda blockchain platform.
Formed in July 2017, the Institutes RiskBlock Alliance is the risk management and insurance industry’s first enterprise-level blockchain consortium that brings together industry experts and developers to advance insurance-specific use cases via an industry-specific interoperable blockchain architecture. 31 insurance and risk management companies have signed on as members of the consortium.
The alliance signed an agreement with enterprise software firm R3 to build its blockchain famework on R3’s Corda platform. Dubbed Canopy, the framework is a set of standardized blockchains to be used for all use cases and applications. Upon its launch, the framework will feature claims and policy blockchains that will serve as the foundation for most use cases.
The goal of Canopy is to streamline the production of future blockchain applications, strengthen core blockchains as more applications are built on top of them, enable applications developed for use by all members to be built faster and more efficiently, and enable third parties to leverage the permissioned environment to develop proprietary applications and share data with select other parties.
The consortium said they chose the Corda platform because of its strong infrastructure and private data-storage capabilities.
“Partnering with Corda and creating this core set of standardized blockchains on Canopy is a blockchain game-changer for the insurance and risk management industry,” said Christopher McDaniel, executive director of the RiskBlock Alliance. “Blockchain will be most transformative for our industry if everyone is on one platform. It’s for that reason that we’re building an open, secure ecosystem that any and every insurance and risk management company can plug into.”
The alliance is planning to develop 15 to 20 blockchain applications for the property-casualty, life and annuity sectors over the next year, with applications for subrogation and parametric insurance planned for early 2019.
“Corda offers unrivaled data privacy, scalability, interoperability and developer productivity, making it ideal for insurance blockchain applications,” said Ryan Rugg, global head of insurance at R3. “We’re delighted that the RiskBlock Alliance has chosen Corda as its blockchain platform, and we look forward to working together to further advance the insurance industry’s use of blockchain.”