Insurance blockchain alliance RiskBlock has officially confirmed switching their core blockchain technology from Ethereum to R3’s Corda. Ledger Insights first wrote about the rumored change several weeks back with large parts of the insurance industry now using the same technology.
Ledger Insights asked Christopher McDaniel, Director of The Institutes RiskBlock Alliance, about the reasons for the switch.
He said: “RiskBlock is focused on the cross-sector global needs of our insurance industry members. To that end, public blockchains such as Ethereum and Hyperledger just do not have the enterprise capabilities built in, that our members demand. Corda is one of the few platforms that was built from the ground up as enterprise focused.”
“In addition, the strong emphasis on the insurance industry made the Corda platform the best foundational solution for RiskBlock. That said we are strong believers in interoperability and will work closely with Corda to ensure the ability to cross-communicate between platforms continues and grows.”
Additionally, the Alliance announced today that Accenture would become Lead Framework Architect to help them build their production grade platform. Accenture was already a RiskBlock partner and took on the Lead role some time ago. The plan is to implement and test multiple use cases by the end of the year.
RiskBlock uses the idea of a ‘Software Factory’ of five enterprise providers to be able to build multiple applications simultaneously. Other partners include Deloitte, IBM, Cap Gemini, and EY.
“As insurers increasingly rely on partnerships to create business efficiencies and improve customer experiences, blockchain technology will be critical to holding partners accountable without first needing to establish trust,” said Michael Costonis, who leads Accenture’s Insurance practice globally.
“RiskBlock has built a powerful alliance, and we’re eager to work with them to develop scalable blockchain use cases in insurance. Blockchain has the power to simplify, secure and speed up the way the insurance industry works.”