The R3 consortium won another victory in the insurance sector. RiskBlock Alliance, which includes such insurance companies as Chubb, Marsh and Liberty Mutual, decided to create their first set of applications of the blockchain and R3 Corda.
This became known shortly after the European insurance consortium B3i decided to go with Hyperledger Fabric Corda. Given RiskBlock, now all the major insurance blockchain consortia are users Corda, including the platform Insurwave, specializing in Maritime insurance and created EY and Maersk, as well as regional initiatives in India
RiskBlock was officially launched in the middle of 2017-the insurance research and education network of The Institutes. However, the team behind the DLT consortium, spent at least two years testing enterprise solutions based on the blockchain. Earlier this year RiskBlock decided to stay in one of the following options: Quorum (developed by JPMorgan Chase), Hyperledger Fabric, Corda and Digital Asset.
«We went through an intense and laborious process, and finally narrowed our choice to two options, which were Corda and Digital Asset,» said Patrick Schmid (Patrick Schmid), Vice-President RiskBlock. «They came with a whisker, but we decided to stay on the Corda and we will develop in this direction.»
RiskBlock was one of the founders of Ethereum Enterprise Alliance and much of the early work, including several proofs of concept were carried out in the closed version of the Ethereum, the second largest of the blockchain in the world. However, this year the insurance consortium began to change course as soon as I received feedback from member firms, as well as some potential partners.
According to Schmid, privacy — or, more precisely, its absence in the system received from the public network was the problem for these companies.
«What we learned from testing Ethereum? What our participants saw great value in the smart contracts and the importance of the technology of the blockchain, but they were a bit concerned about the isolation of data,» he said. «Even with a closed version of Ethereum they are still worried about the fact that all data is being encrypted and hashed, stored on each node in the system.»
New applications RiskBlock aimed at proof of insurance (with the aim of eliminating from the system the uninsured participants). In particular, the creation of effective forms of data exchange when the insured first notifies the insurer that will file a claim.
In addition, the organization wants to solve the problem with subrogation (documents formalizing the transfer of an insurer to an insured who has paid the insurance indemnity rights to recover damages from guilty persons), with an emphasis on calculations in the blockchain. In addition, we will focus on parametric insurance, which is paid automatically when a certain event occurs, such as a natural disaster.
Over time, Schmid said, «Now all these apps are in the process of development. We expect that the work with evidence of insurance and first notice of the loss will be fully completed and ready for testing participants until the end of summer.»
Insurance and interoperability
Joining RiskBlock to Corda is an important event for R3, especially at a time when, according to rumors, the organization is experiencing financial difficulties. Next week the company intends to release a commercial version of its enterprise software.
In a sense, the transition from B3i Hyperledger to Corda has prompted insurance consortium RiskBlock lean in the direction of platform R3. According to Schmid, «the possibility of providing interoperability at once,» was the decisive factor for RiskBlock.
The consortium B3i-based insurance giants Allianz, Aegon and Swiss Re and supported by AIG and AIA, described similar reasons for the decision on transition with Hyperledger Fabric to Corda.
«After reassessing our criteria for data privacy, performance and interoperability we have come to the conclusion that Corda is ideal for our applications, as well as our future strategy for the insurance business network,» said Marcus Tract (Markus Tradt), technical Director B3i.
Trad said that the vision B3i goes far beyond the deployment of the block chain for a specific use case and that the consortium works with partners and third parties developing applications.
Working with RiskBlock is just one of the latest victories Corda. Recently it became known that banks may be tokenservice
assets on the platform R3 Corda through the decision of the project Cordite.