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Linux Foundation Launches Blockchain-powered Insurance Platform

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The Linux Foundation has partnered the American Association of Insurance Services (AAIS) to launch blockchain-powered OpenIDL insurance platform.

The openIDL or Open Insurance Data Link platform and project, is a platform that will reduce the cost of regulatory reporting for insurance carriers, provide a standardized data repository for analytics and a connection point for third parties to deliver new next-gen risk and insurance applications to members.

openIDL brings together some of the world's largest insurance companies, including The Hanover and Selective Insurance Group, along with technology and service providers Chainyard, KatRisk and MOBI for sharing information and business processes across the blockchain-powered insurance ecosystem.

openIDL is a Linux Foundation "Open Governance Network" that comprise nodes run by many different organizations, bound by a shared distributed ledger that provides an industry utility platform for recording transactions and automating business processes.

The platform leverages open source code and community governance for objective transparency and accountability among participants. The network and the node software are built using open source development practices and principles managed by the Linux Foundation.

As an open source project, all software source code developed will be licensed under an OSI-approved open source license, and all interface specifications developed will be published under an open specification license.

As with an openly accessible network, organizations can develop their own proprietary applications and infrastructure integrations. It is expected that all parties, from direct insurance entities to regulators, will see an increase in data quality, reliability and ease of access.

The first use case for the openIDL network is regulatory reporting in the Property and Casualty (P&C) insurance industry. The secure platform guarantees to regulators and other insurance industry participants that data is accurate and complete, implemented by a "P&C Reporting Working Group" within the openIDL network.

Insurance sectors beyond P&C are expected to be supported by openIDL in the coming months, and use cases will expand beyond regulatory. A "Flood Working Group" has already been assembled to develop use case catastrophe modeling in support of insurers and regulators.

openIDL is also collaborating on joint software development activities, building upon Hyperledger Fabric, Hadoop, Node.js, MongoDB and other open technologies to implement a "harmonized data store," enabling data privacy and accountable operations.

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