Last week The Institutes RiskBlock Alliance for insurance announced the launch of its Canopy 2 Platform.
Canopy is a modular platform which contains a series of interoperable blockchains. This version features policy and claims blockchains.
The purpose of these two foundational blockchains is to streamline the creation of future applications and avoid reinventing the wheel. The core blockchain will get stronger as new applications are built on top. Plus third parties can use the permissioned network to develop proprietary applications on top.
The first two applications that sit on top of the policy and claims chains are available to members in advance of going live. The ‘proof of insurance’ and ‘first notice of loss’ applications are going through member testing. Additionally, the process involves integration with insurer systems and a comprehensive information security review.
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