Yesterday, RiskStream (formerly
RiskBlock) announced the completion of a production test of its blockchain platform Canopy. The trial involved streamlining the First Notice of Loss process.
The test was carried out using multiple scenarios involving a two-car accident. RiskStream members used Canopy to trial the viability of blockchain for an insurance claim. The test demonstrated the use of the Canopy platform for transactions between carriers and brokers.
“Chubb, Marsh and other significant industry players’ contributions in production testing of our Canopy framework and initial personal lines applications is a monumental step toward the successful adoption of this industry-changing blockchain technology,” said Christopher McDaniel, President of The Institutes RiskStream Collaborative.
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