Major Insurers Are Coming Together Behind R3's Blockchain Technology
R3 is a new startup company that uses blockchain technology to transform the way the world does business. R3 has launched Corda enterprise with first ever Blockchain firewall. Corda is an organization that works in business related to finance. The organization mainly focuses on strict privacy and security for digital transaction system.
Corda uses blockchain technology to bring massive efficiencies and open net new business opportunities. Blockchain makes this possible by enabling organizations to transact directly, form binding contracts and exchange real-value.
R3 has scored another massive win in the insurance sector by its new enterprise Corda. Big insurance companies like Marsh, Chubb, and Liberty Mutual, have agreed to build its blockchain on R3’s Corda.
These insurance companies have initiated an alliance named RiskBlock.
B3i is a European reinsurance consortium, they have also decided to switch from Hyperledger Fabric to Corda. R3 has now assistance with all the major insurance companies as Corda users. These companies include Insurwave marine insurance platform and Maersk as well.
RiskBlock was officially announced in mid-2017. This is an institute for insurance research and education network. Their team behind blockchain research has spent at least two years testing enterprise blockchain solutions. Riskblock is a founding member of Ethereum Enterprise Alliance.
Patrick Schmid is vice president at RiskBlock. He said in an article to coindesk “Privacy – or, rather, the lack thereof in a system forked from a public network was the dealbreaker for these companies.”
He also stated that from researching about Ethereum, their members found out future applications of Etherum in the smart contracts, along with a huge interest and value in blockchain technology. He also added that they also have concerned about issues related to data segregation.
He also stated that even if they have a private variant of Ethereum, their main concern will still be related to storing the data, no matter if its hashed and encrypted on every single node of the system.
Features of this technology are including proofs of insurance, more efficient forms of data sharing during claims, subrogation, parametric insurance, and blockchain based net settlement.