Insurance Group B3i Endorses R3’s Corda Blockchain Platform

CoinDesk reported Monday the Blockchain Insurance Industry Initiative (B3i), the independent company founded by Allianz, Aegon and Swiss Re, and supported by AIG and AIA will use R3’s Corda platform to build its upcoming products, the company announced.

The platform will be used to advance a prototype reinsurance blockchain and will use a smart contract system to reduce paperwork, a news release said.

B3i “concluded the Corda platform offers the best blockchain solution available, providing a solid foundation for B3i to efficiently deliver business value to its clients” after reviewing available open-source blockchains, according to the release.

“Full integration of Corda nodes” is expected to be enabled “in the professional and compliant IT environments that are used by B3i’s clients,” the release continued.

R3 – which is its own consortium of banking firms – launched the Corda platform in October 2017, CoinDesk reported, and targets the tech at different types of business entities within the financial industry.

R3 CTO Richard Brown said 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,” the report said.

– WN.com, Jack Durschlag