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The Institutes RiskBlock Alliance has launched Canopy, its blockchain framework using the Corda blockchain platform, the organization said in a statement Wednesday.
The Alliance is a blockchain consortium representing 31 risk management and insurance companies and is part of The Institutes in Malvern, Pennsylvania.
The RiskBlock Alliance plans to build 15 to 20 blockchain applications for the property/casualty, life and annuity sectors over the next year, the statement said.
The first two applications, focused on proof of insurance and first notice of loss, have launched for member testing and integration with member systems.
RiskBlock chose R3’s Corda platform based on its strong infrastructure and private data-storage capabilities, providing member companies with an additional level of security and privacy, the statement said.
“Blockchain will be most transformative for our industry if everyone is on one platform,” Christopher McDaniel, executive director of the RiskBlock Alliance, said in the statement. “It’s for that reason that we’re building an open, secure ecosystem that any and every insurance and risk management company can plug into.”
R3CEV LLC, the enterprise software firm that developed Corda as an open-source distributed ledger technology, signed an agreement with the RiskBlock Alliance to support the Canopy platform as a set of standardized blockchains to be used for all use cases and applications, the statement said.
“Corda offers unrivaled data privacy, scalability, interoperability and developer productivity, making it ideal for insurance blockchain applications,” Ryan Rugg, global head of insurance at R3 in New York, said in the statement, “and we look forward to working together to further advance the insurance industry’s use of blockchain.”
The RiskBlock Alliance, the distributed ledger technology consortium formed by The Institutes in Malvern, Pennsylvania, has seen 18 new members join, including several major insurance players, The Institutes said in a statement Monday.