Blockchain firm selects Corda platform for applications

B3i Services A.G., one of the industry groups working on distributed ledger technology applications for the insurance industry, has selected the Corda platform built by R3CEV L.L.C. on which to build applications, R3 said Monday.

After reviewing its alternatives, “B3i concluded that the Corda platform offers the best blockchain solution available,” New York-based R3 said in a statement.

The B3i review of available open source blockchain technologies focused on data privacy, scalability, interoperability and developer productivity, the statement said.

Corda is built on existing industry technologies and standards, according to R3, enabling full integration of Corda nodes with existing systems and providing infrastructure for an ecosystem and product development.

“The Corda platform offers the optimal solution in the market to deliver the B3i roadmap and our industrywide insurance blockchain ecosystem,” Markus Tradt, chief technology officer at Zurich-based B3i, said in the statement.

“Our engineering team is looking forward to working closely with the excellent team at B3i to bring their innovative solutions to market,” Richard Gendal Brown, CTO at R3, said in the statement.

B3i was incorporated on March 23 by founding shareholders including Achmea Holding N.V., Aegon N.V., Ageas S.A./N.V., Allianz S.E., Assicurazioni Generali S.p.A., Hannover Re S.E., Munich Reinsurance Co., Scor S.E., Swiss Re Ltd., XL Group Ltd. and Zurich Insurance Group Ltd., according to the statement.