Deloitte to Assist RiskBlock Alliance’s Blockchain Insurance Consortium Canada Expansion
Blockchain and cryptocurrency are not singular, nationalized efforts. The industries are deeply underscored by a sense of globalization, as the true nature of the blockchain is decentralized and borderless. Consequently, many blockchain-based organizations are quick to expand across the globe, grabbing profits and ensuring ever-growing levels of participation and interest from consumers all over the world. While this is certainly and clearly the case in traditional models like currency exchanges, the same can be said for newer forms of investment groups and coalitions interested in blockchain technology.
This trend was illustrated once again this week when The Institutes RiskBlock Alliance consortium announced its intentions to work with a consulting firm to expand its operations into Canada. The consortium was formed to incentivize and contribute to the use of blockchain technology within the insurance industry. The alliance has already been moderately successful in their goals, as they are planning to release their own blockchain applications relating to proof-of-insurance using smart contracts sometime in the next year.
But now, the organization has turned its sights on its neighbor directly to the North, Canada. The U.S.-based consortium has enlisted the help of Deloitte, a consulting and auditing firm, to expand into Canada. The announcement came in the form of a joint press release published two days ago, on the 25th of September this year.
An International Strategy
According to some sources, the consortium’s targeting of Canadian operations is only one step in a comprehensive global expansion strategy. The process is expected to begin, and conclude, within the next few months, as Deloitte will be hard at-work trying to integrate operations into the existing frameworks for regulation and compliance in Canada. This will not be an easy task, especially considering the wide variation of regulatory channels the company will be required to go through to simply stay compliant.
Deloitte seems to be offering a comprehensive deal to the consortium, pledging to handle the development, methodology, and prioritization of key blockchain technologies being developed by the consortium for use within the neighbor to the North’s borders. Applications will also be aided and provided by an outside source called R3 and their platform, Canopy.
An Exciting Time for Blockchain
This decision comes close after a study published by Deloitte back in August. The survey outlined that blockchain technology continues to gain unprecedented appeal with executives across industries all over the world. According to this survey, 17% of responding executives outlined that they believe that blockchain has a “compelling business case” for use within the near future. Additionally, a whopping 34% of respondents told researchers that their company was already working on deploying some sort of blockchain tech.
In the insurance industry, blockchain faces a particularly excited userbase and bullish outlook. Deloitte analysts pointed out that the insurance industry could benefit greatly from the RiskBlock Alliance’s work, especially considering that the consortium is comprised of stakeholders from all over the insurance industry with a vested interest in expanding both the reach and technical capabilities of the tech they choose to back.