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Marsh L.L.C. on Wednesday said it has joined the Enterprise Ethereum Alliance, one of several industry groups developing blockchain and distributed ledger technology.
Marsh will be part of the New York-based alliance’s insurance and digital identity working groups aiming to drive the adoption of blockchain applications, Marsh said in a statement.
“We see the potential of blockchain technology as having a game-changing impact on the risk management and insurance industry,” said Sastry Durvasula, chief digital officer and chief data and analytics officer for Marsh in Phoenix.
The EEA, an open source blockchain initiative with more than 400 member companies, seeks to create open industry standards and frameworks for blockchain applications based on the core Ethereum platform, Marsh said in the statement.
Marsh also recently joined The Institutes RiskBlock Alliance, a Malvern, Pennsylvania-based industry consortium developing blockchain technology and applications.
Other groups are also working in the space to develop digital ledger technology and apply it to the insurance and financial services sectors.
NEW YORK — The insurance industry may be better suited for blockchain than the financial services sector, which created its own solution, according to a panel discussion hosted Monday by the New York City Bar Association.