The RiskBlock Alliance has decided to build its initial set of use cases using R3’s Corda platform.
Featuring insurance industry heavyweights such as Liberty Mutual, Chubb, and Marsh, the consortium decided after a near two year period of testing enterprise blockchain solutions.
A close race
Earlier in the year, RiskBlock had narrowed down the field of options to a short list that included the JPMorgan Chase developed Quorum, Hyperledger Fabric, Corda, and Digital Asset.
Vice President at RiskBlock, Patrick Schmid, commented –
“It was a close race – and we haven’t worked out all the details yet – but we have decided on Corda, and we are moving in that direction.”
Despite being a founding member of the Ethereum Enterprise Alliance, RiskBlock looked to change course this year after getting input and feedback from member companies and also from potential partners.
According to Schmid, a lack of privacy was considered something of a dealbreaker for some of these companies –
“What we learned from testing ethereum was that our members found huge value in the smart contracts, and found huge value in blockchain-enabled technology. But they were a little bit concerned about data segregation,” he said.
“Even with a private variant of ethereum, their concern really was around data being stored, even if it’s encrypted and hashed, on every node in the system.”
Enhanced privacy and scalability
When pressed on a timeline, Schmid said – “Everything is in progress now. We anticipate that we’ll have POI and First Notice of Loss fully complete and ready for member testing before the end of summer.”
Global Head of Insurance at R3, Ryan Rugg commented –
“Over the last few months we have seen several insurers migrate to Corda due to its enhanced privacy and scalability; information is shared on a bi-lateral or multi-lateral basis, meaning parties that are not involved in the transaction will not see it,”
“Corda gives insurers the ability to integrate and secure disparate data sources, whilst simultaneously ensuring transparency across an interconnected network of clients, brokers, insurers and other third parties.”
B3i also uses R3’s Corda platform, after making the switch last month from Hyperledger Fabric for similar reasons to those given by RiskBlock –
“After re-evaluating our criteria around data privacy, developer productivity and interoperability we concluded that Corda is a perfect fit for our insurance use cases and also for our future strategy for an insurance business network,” said Markus Tradt, CTO at B3i.
This decision by the RiskBlock Alliance confirms R3 as the significant player in the sector as far as distributed ledger technology is concerned.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.