Blockchain startup Stratumn has announced the completion of a blockchain proof-of-concept trial involving 14 insurance companies.
The trial was piloted by the French Federation of Insurers and received support from "Big Four" accounting firm Deloitte, according to a press release issued Thursday.
As described, the initiative set out to examine blockchain's potential in streamlining insurance industry notification dispatches in accordance with Frances new "Hamon Law" - legislation that enables consumers to switch insurers at any time after the first year, sometimes within 30 days.
The system is also designed to handle consumer data as specified by the EU's General Data Protection Regulation (GDPR), due to come into effect next year.
Richard Caetano, co-founder and CEO of Stratumn, said the proof-of-concept trial marks a "sector-wide blockchain initiative," adding:
"We strongly believe that this technology, coupled with advanced cryptography techniques, can help streamline inter-enterprise processes to benefit all involved parties."
The Stratumn effort comes as companies across the insurance industry are starting to experiment with blockchain in the search for new efficiencies.
Just this week, Allianz unveiled a blockchain prototype focused on "captive" insurance policies, while in September, shipping giant Maersk, Microsoft and accounting firm EY jointly revealed that they plan to apply blockchain technology in the field of marine insurance.
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