B3i picks R3's Corda blockchain platform
The Blockchain Insurance Industry Initiative (B3i) is to build its applications and business network on the Corda blockchain platform, which is developed by software firm R3.
Following an extensive evaluation, which was focused on critical success factors of data privacy, scalability, interoperability and developer productivity, B3i said it concluded that the Corda platform offers the best blockchain solution available.
B3i is a collaborative initiative that came together in late 2016 to explore and test the potential of blockchain in the insurance industry. B3i Services wants to provide insurance solutions on a blockchain platform that is set to improve efficiency across the value chain of the re/insurance industry — in some cases up to 30 percent, according to the organisation. These solutions are expected to benefit both insurance companies and customers through improved speed, transparency, quality, security, and cost.
Corda offers the infrastructure for a strong ecosystem and provides the opportunity to create innovative products, B3i noted. Corda is built on established and industry-proven technologies and standards, which enables full integration of Corda nodes in the professional and compliant IT environments that are used by B3i’s clients, it added.
Markus Tradt, chief technology officer (CTO) at B3i, said: “The Corda platform offers the optimal solution in the market to deliver the B3i roadmap and our industrywide insurance blockchain ecosystem. We are very excited to continue our work with the Corda team.”
Richard Gendal Brown, CTO at R3, commented: “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.”
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