International insurance broker Marsh is working with companies like IBM to develop a blockchain-based insurance verification platform.
Also involved in the project are insurance non-profit ACORD Corporation and ISN Software Corp., according to Monday's announcement.
Together, the companies are developing the platform - which will help streamline the process by which companies can verify that a contractor has the insurance they claim to possess - using the Hyperledger Fabric code as well as IBM's Blockchain Platform.
The permissioned blockchain built within the platform allows only certain parties to gain access to data in real-time, according to the release.
The ledger replaces a manual, paper-based system which the company currently relies on, with the new system allowing for certain parts of the verification certificate to populate in real time in a bid to save time and money.
"Marsh sees great opportunity in leveraging blockchain technology to better serve our clients by maximizing efficiency and creating new opportunities in the insurance value chain," Sastry Durvasula, Marsh's chief digital officer and chief data and analytics officer, said in a statement.
The platform is currently being developed in a pilot stage, according to Marsh.
"IBM is committed to connecting emerging blockchain networks to facilitate the next generation economy. This is an ideal example of how blockchain can be used on a much broader scale to drive real business results," Sandip Patel, general manager of IBM's insurance division, said of the pilot.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Insurance Broker Marsh Working With IBM on Blockchain Platform
gepubliceerd op Apr 16, 2018
by Coindesk | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.