The Blockchain Insurance Industry Initiative, B3i, announced its implementation and business network will be built on the Corda blockchain platform provided by the software company R3.
Following a comprehensive evaluation of data privacy, scalability, interoperability, and developer productivity that focused on critical success factors, B3i Services AG said that the Corda platform is the result of the best available blockchain solution.
In a statement, B3i said that Corda was built on established and industry-proven technologies and standards that enable full integration of Corda nodes in compatible IT environments used by customers. “Corda offers the infrastructure for a strong ecosystem and offers the opportunity to create innovative products,” B3i added.
“Corda offers the most appropriate solution on the market to offer our platform, the B3i road map and our industry-wide insurance blockage ecosystem. We are very excited to continue our work with Corda, “says Markus Tradt, technology director at B3i.
“We look forward to presenting our innovative solutions by selecting Corda as the preferred platform for B3i and working with our engineering team in the B3i’s excellent team,” says New York City-based CTO Richard Gendal Brown R3.
B3i Services AG is the beginning to develop solutions based on ledger technologies distributed in the insurance industry for the benefit of all stakeholders in the value chain. The company was founded on March 23, 2018 by the following founding partners: Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, XL Catlin and Zurich Insurance Group.
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