RiskBlock Alliance Looks To Leverage R3’s Blockchain Tech
Revealed July 5th by Coindesk, R3 — a DLT consortium for research and development in the financial services industry — scored a major win with RiskBlock Alliance deciding to build its first set of use cases on R3’s Corda Platform, including proofs of insurance (POI), first notice of loss, and net settlement.
This is another big win for R3 in the insurance sector, with the Blockchain Insurance Industry Initiative (B3i) recently announcing it will use the Corda platform to leverage smart contracts to reduce paperwork as well as reduce reinsurance settlements from as long as 7 weeks to near instantly.
The RiskBlock Alliance is a consortium consisting of global leaders such as Liberty Mutual, Chubb, and Marsh collaborating to unlock the potential of blockchain across the insurance industry. Combined with B3i, a consortium of several European insurance companies with support from AIG and AIA, R3 has the major insurance blockchain consortia all working to build on Corda.
According to Patrick Schmid, Vice President at RiskBlock, “It was a close race – and we haven’t worked out all the details yet – but we have decided on Corda, and we are moving in that direction.”
Schmid went on to say “Everything is in progress now. We anticipate that we’ll have POI and First Notice of Loss fully complete and ready for member testing before the end of summer.”