The world's largest blockchain insurance consortium will use R3's Corda platform to build its upcoming products, the company announced Monday.
The Blockchain Insurance Industry Initiative (B3i), the independent company founded by Allianz, Aegon and Swiss Re, and supported by AIG and AIA, will use the platform to advance a prototype reinsurance blockchain, as well as use a smart contracts system to reduce paperwork, according to a press release.
B3i "concluded that the Corda platform offers the best blockchain solution available, providing a solid foundation for B3i to efficiently deliver business value to its clients" after an extensive review of available open-source blockchains, according to the release.
According to the press release, "full integration of Corda nodes" is expected to be enabled "in the professional and compliant IT environments that are used by B3i's clients."
R3 – which is its own consortium of banking firms – launched the Corda platform in October 2017 and aims the tech at different types of business entities within the financial industry, as previously reported by CoinDesk.
R3 CTO Richard Brown said in a statement that "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."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.