B3i Chooses R3’s Corda Blockchain Platform for Development of Business Network

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B3i, The Blockchain Insurance Industry Initiative, has announced it will build its applications and business network on the Corda blockchain platform, supplied by software firm R3.

Following an extensive evaluation, which focused on the critical success factors of data privacy, scalability, interoperability and developer productivity, B3i Services AG said it concluded that the Corda platform offers the best blockchain solution available.

In a statement, B3i said Corda is built on established and industry-proven technologies and standards, which enables full integration of Corda nodes in the compliant IT environments that are used by B3i’s clients. “Corda offers the infrastructure for a strong ecosystem and provides the opportunity to create innovative products,” added B3i.

“The Corda platform offers the optimal solution in the market to deliver the B3i roadmap and our industry-wide insurance blockchain ecosystem. We are very excited to continue our work with the Corda team,” said Markus Tradt, chief technology officer (CTO) at B3i.

“We are delighted that B3i has selected Corda as its preferred platform and our engineering team is looking forward to working closely with the excellent team at B3i to bring their innovative solutions to market,” said Richard Gendal Brown, CTO at New York City-based R3.

B3i Services AG is a startup formed to develop solutions built on distributed ledger technologies within the insurance industry for the benefit of all stakeholders in the value chain. The company was incorporated on March 23, 2018, by the following founding shareholders: Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, XL Catlin and Zurich Insurance Group.