The world’s largest blockchain insurance consortium announced that it will be using R3’s Corda platform to build its forthcoming products.
According to a press release, the independent company founded by Allianz, Aegon and Swiss Re, and supported by AIG and AIA will use the platform to advance a prototype reinsurance blockchain, as well as use a smart contracts system to decrease paperwork.
The Blockchain Insurance Industry Initiative (B3i) decided that the Corda platform gives the best blockchain solution available, presenting a solid foundation for B3i to efficiently deliver business value to its clients after an extended review of available open-source blockchains.
B3i’s clients are able to use full integration of Corda nodes in the professional and compliant IT environment.
In October 2017, R3 which is its own consortium of banking firms launched the Corda platform and intends the tech at different types of business entities within the financial industry.
Richard Gendal Brown, R3 CTO, said in a statement that:
“We are delighted that B3i has selected Corda as its preferred platform and our engineering team is looking forward to working closely with the excellent team at B3i to bring their innovative solutions to market.”