Blockchain Insurance Consortium B3i Will Use R3’s Corda Blockchain Platform

One of the world’s biggest blockchain insurance consortium declared on Monday that it will use R3’s Corda platform to build its forthcoming products.

As per the press release the Blockchain Insurance Industry Initiative (B3i) which is individual independent firm established by Allianz, Aegon and Swiss Re, and backed by AIG and AIA, is going to utilize the mentioned platform to approach a prototype reinsurance blockchain, and apply a smart contracts system to decrease documentation work.

B3i “came to the conclusion that the Corda platform suggests the best blockchain feasible resolution, ensuring a reliable foundation for B3i to productively supply  business value to its customers” following a wide feedback of accessible open-source blockchains.

According to the press release, “full integration of Corda nodes” is anticipated to be permitted “in the professional and compliant IT environments that are used by B3i’s clients.”

R3 – which is its personal consortium of banking companies– started the Corda platform in October 2017 and urges the tech at various categories of business organizations throughout  the monetary industry, as already informed in interviews.

R3 CTO Richard Brown mentioned in a statement:

“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.”