RiskBlock To ‘Block’ Insurance Risk With Corda Blockchain

A consortium of 31 risk managers and insurance firms has announced the launch of a new platform. The consortium’s name is the Institutes RiskBlock Alliance, while the name of the platform is Canopy. However, the company, R3, developed the platform for them. R3 is the firm that developed the Corda blockchain. Therefore, Canopy is built on Corda platform. Indeed, the two have entered into an a mutually beneficial agreement.

According to the agreement, R3 will support Canopy as the standard for all use cases and applications. Similarly, Canopy will have an integral feature known as ‘policy and claims blockchains.’ In the future, they will create underlying blockchains to support more applications. What are the benefits?

Reasons

There are many different reasons for creating underlying blockchains to enable future applications.  These reasons are:

• It will streamline the development of future blockchain-based apps.
• It will strengthen the blockchain as more applications are developed on them.
• Enables faster and more efficient development of applications.
• It will enable third party companies to develop proprietary apps and share data securely with other groups.

Why is the Partnership Important?

Christopher McDaniel, the RiskBlock Alliance boss, spoke on the importance of the partnership. He said that Canopy will be a game-changer for risk management and insurance industry. He further stated that the blockchain is going to be the most transformative in the industry, on one condition. The executive director noted that the condition is if everyone is on the same platform. He opined that bringing everyone together is the reason for building the platform. McDaniel pointed out that stakeholders in the industry will key into Canopy soon.

More about the Partnership

RiskBlock Alliance chose the Corda blockchain as it has a robust infrastructure and secure data storing. Corda allows nodes to store data that is relevant to them. With this concept, corporate users enjoy high level of privacy and security.

Stressing the strength of Corda, the Global Head of Insurance at R3, Ryan Rugg, listed some good attributes of Corda blockchain; scalability, privacy, it’s ideal for insurance, and many others. He said that they are delighted that RiskBlock Alliance chose them above others. R3’s Head of Insurance expressed the optimism to work with RiskBlock Alliance and deepen the industry’s use of blockchain.

RiskBlock Alliance Plan

Notably, RiskBlock Alliance has a plan to develop 15 to 20 blockchain apps for the annuity, life, and property sectors within one year. RiskBlock Alliance’s first set of apps were two important ones for the insurance industry: First Notice of Loss, and Proof of Insurance. These apps have launched for the members to test and review them.

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