Australian bank, IBM develop blockchain insurance platform

Posted On: May. 1, 2018 5:40 AM CST

Australia and New Zealand Banking Group Ltd. and IBM Corp. have developed a blockchain platform to make payment reconciliation more transparent between insurers and brokers, CCN.com reports. ANZ concluded a successful proof of concept using IBM's enterprise blockchain software Hyperledger Fabric. The platform has been developed in collaboration with insurer Suncorp Group New Zealand Ltd. It also integrates an automated payment process to enable straightforward bulk payments that are recorded and tracked on the ledger.