Blockchain

RiskBlock Alliance Plans To Build Blockchain On R3’s Corda

The RiskBlock Alliance, whose members includes such insurance leaders as Chubb, Marsh and Liberty Mutual, with the use of R3’s Corda platform has planned to shape its first set of users. However, they have a two-tier blockchain, and presently the main one uses Ethereum.

The Blockchain Insurance Industry Initiative confirmed its rumored switch from Hyperledger Fabric to Corda technology.

RiskBlock was a formation member of the Ethereum Enterprise Alliance and much of the early work, including more than a few proofs-of-concept, was done on a private version of ethereum, the world’s second-largest blockchain.

With the addition of RiskBlock, R3 now counts every main insurance blockchain consortia as Corda users, comprising the Insurwave marine insurance platform created by EY and Maersk as well as regional initiatives in India and Italy.

Given the other insurance alliance, Riskblock, was also rumored to be switching to Corda where both systems will be using Corda, which would further be able to run both applications on the same node.

From speaking to many customers they found Corda more flexible particularly for permissions and the skillset is closer to the Java skills used by creativities. And above Corda is built for interoperability.

Blockchain Technology

According to Ryan Rugg, Global head of insurance at R3, Corda provides brokers the capability to integrate and secure disparate data sources, whilst simultaneously ensuring transparency across an interconnected network of clients, brokers, insurers and other third parties.

The company said it decided after reviewing the available blockchain technologies. The factors they considered included privacy, scalability, interoperability and developer productivity.

The vision of B3i’s goes so much on the far side single-purpose blockchain placements for a selected use case which his syndicate is functioning with partners and third parties for application developments.

As reported by CoinDesk, although RiskBlock is changing their core blockchain, they continue to support the popular blockchain flavors and given the daily announcements about new technologies, everyone has an eye on the next big thing.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Shivani Bedre has been working as a content writer/editor for many years. With her interpersonal skills, she has the ability to generate content in a clear and precise manner. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy the website.

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