The Blockchain Insurance Industry Initiative (B3i) has selected the Corda blockchain platform, developed by New-York based technology firm R3, to build its applications and business network.
Using the blockchain technology, Corda expects to help existing business networks to reduce transaction and record-keeping costs.
B3i had developed and launched its prototype in mid-2017 that was built and hosted by IBM on the Hyperledger Fabric, an open source blockchain framework of the Linux Foundation.
This prototype was later beta-tested its functionality and robustness in the market with another 23 insurers, brokers and reinsurers participating in it.
However, B3i selected Corda for better data privacy and scalability.
On the Corda platform, information is shared only at the transaction level between parties, so they are not placing transactions into blocks and sharing transactions with parties who are not involved.
IBM's open source Hyperledger Fabric framework and R3's Corda enterprise platform are said to be two of the most active players currently developing blockchain solutions for the financial services sector.
B3i is a consortium of fifteen European insurers and reinsurers, formed in late 2016 to explore and test the potential of blockchain's Distributed Ledger Technologies in the industry. It was then incorporated as B3i Services AG on March 23, 2018 in Zurich, Switzerland.
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