The RiskBlock Alliance, a blockchain consortium for the risk management and re/insurance industry, has selected R3’s Corda platform to build its first set of use cases, reports CoinDesk.
The news follows a recent announcement from the Blockchain Insurance Industry Initiative (B3i) that it has switched away from Hyperledger Fabric’s blockchain to Corda, an open source distributed ledger solution created by R3, a U.S. technology firm.
And now, the RiskBlock Alliance, launched in 2017 by The Institutes and which seeks to leverage the blockchain to lower industry transaction costs while increasing the speed and security of data transfers among clients, industry stakeholders, and third parties, has revealed that it will leverage R3’s Corda platform to build its first set of use cases.
RiskBlock Alliance members include Liberty Mutual Insurance, Marsh, Munich Reinsurance America, Nationwide Insurance, and RenaissanceRe, to name but a few.
The decision from RiskBlock to utilise R3’s Corda, coupled with the recent transition by B3i, could be good for cross industry interoperability, but it does also mean that much of the insurance and reinsurance industry’s participation with blockchain technology is in one place.
Speaking to CoinDesk, RiskBlock Vice President, Patrick Schmid, explained that the organisation was torn between Corda and Digital Asset, before finally deciding to move forward with R3’s solution.
Reports highlight interoperability as a key factor in RiskBlock selecting R3’s Corda platform, with the potential for interoperability to be immediate seen as beneficial to the industry, with many in the space actively seeking partnerships or collaborations.
