06-26-2018, 06:01 AM
Quote:B3i, an industry collaboration to leverage blockchain for insurance, has partnered with R3 to bring its solution into production on the Corda platform by the end of the year. In doing so, it leaves IBM and the Hyperledger Fabric framework, on which it had developed its prototype.Source: https://www.gtreview.com/news/fintech/in...r3s-corda/
An acronym for the Blockchain Insurance Industry Initiative, B3i is a joint effort between 13 insurance and reinsurance companies, who, since coming together in October 2016, have been exploring how blockchain technology and smart contracts can help make data exchange between the companies more efficient. The aim is to improve the way data, claims, capital and payments are disclosed, automated and managed.
In September, the alliance launched its prototype, which was built and hosted by IBM and powered by Hyperledger Fabric, a Linux Foundation open source blockchain framework. This was followed by a market beta-testing programme, in which another 23 insurers, brokers and reinsurers participated. In March, following the testing, the consortium of founders transitioned into a legal entity.
The current 13 members of B3i Services AG, which is incorporated in Zurich, Switzerland, are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, XL Catlin and Zurich Insurance Group.
According to a statement from B3i, its decision to move its solution from Hyperledger to Corda came after an “extensive evaluation”, which assessed “the available open source blockchain technologies against the B3i enterprise platform strategy”, with “critical success factors” being data privacy, scalability, interoperability and developer productivity.
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