The Institutes RiskBlock™ Alliance Launches Canopy, the Risk Management and Insurance Industry's First Blockchain Platform
MALVERN, Pa., Sept. 12, 2018 /PRNewswire-PRWeb/ -- The Institutes RiskBlock Alliance, a blockchain consortium representing 31 risk management and insurance companies, has launched Canopy, the industry's first end-to-end reusable blockchain framework, using the Corda blockchain platform.
MALVERN, Pa., Sept. 12, 2018 /PRNewswire-PRWeb/ -- The Institutes RiskBlock Alliance, a blockchain consortium representing 31 risk management and insurance companies, has launched Canopy, the industry's first end-to-end reusable blockchain framework, using the Corda blockchain platform.
R3, the enterprise software firm that developed Corda, signed an agreement with the RiskBlock Alliance to support the Canopy platform as a set of standardized blockchains to be used for all use cases and applications. Upon its launch, Canopy will feature claims and policy blockchains that will serve as the foundation for most use cases. Creating core underlying blockchains to power future applications will help:
- Streamline the production of future blockchain applications
- Strengthen core blockchains as more applications are built on top of them
- Enable applications developed for use by all members to be built faster and more efficiently
- Enable third parties to leverage the permissioned environment to develop proprietary applications and share data with select other parties
"Partnering with Corda and creating this core set of standardized blockchains on Canopy is a blockchain game-changer for the insurance and risk management industry," said Christopher McDaniel, executive director of the RiskBlock Alliance. "Blockchain will be most transformative for our industry if everyone is on one platform. It's for that reason that we're building an open, secure ecosystem that any and every insurance and risk management company can plug into."
RiskBlock chose R3's Corda platform based on its strong infrastructure and private data-storage capabilities. Specifically, on Corda, a company's node will only store data with which they are involved. This provides member companies with an additional level of security and privacy.
"Corda offers unrivaled data privacy, scalability, interoperability and developer productivity, making it ideal for insurance blockchain applications. We're delighted that the RiskBlock Alliance has chosen Corda as its blockchain platform, and we look forward to working together to further advance the insurance industry's use of blockchain," said Ryan Rugg, global head of insurance at R3.
The RiskBlock Alliance plans to build 15 to 20 blockchain applications for the property-casualty, life and annuity sectors over the next year. The first two applications, focused on proof of insurance and first notice of loss, have launched for member testing, integration with member systems, and intensive information security review. Applications for subrogation and parametric insurance will launch in early 2019.
More information about The Institutes RiskBlock Alliance, including details on how interested organizations can join, is available at http://www.TheInstitutes.org/RiskBlock.
About The Institutes | Risk and Insurance Knowledge Group
As the industry's trusted and respected knowledge leader, The Institutes are committed to meeting the evolving professional development needs of the risk management and insurance industry. We prepare people to fulfill their professional and ethical responsibilities via innovative educational research, networking and career resources. Offerings include the Chartered Property Casualty Underwriter (CPCU®) designation program, associate designations, introductory and foundation programs, continuing education courses, leadership education, custom solutions and assessment tools.
About The Institutes RiskBlock Alliance
The Institutes RiskBlock Alliance is the risk management and insurance industry's first enterprise-level blockchain consortium that brings together industry experts and developers to advance insurance-specific use cases via an industry-specific interoperable blockchain architecture. RiskBlock is committed to equipping organizations to work together to inspire product innovation, enable efficiencies and open new technological frontiers. Thirty one insurance and risk management companies have signed on as members. Learn more at http://www.TheInstitutes.org/RiskBlock.
About R3
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3's global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of over USD 120 million from more than 45 firms.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions' financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
SOURCE The Institutes
