Marsh to Establish Verification Based on Blockchain for Customers in Sharing and Gig Economies
Marsh, the world leader in innovative risk management solutions and insurance broking announced today that it would be designing the first verification solution based on blockchain technology for users in the ever-expanding sharing and gig economies.
The new blockchain solution will enable seamless onboarding of gig economy workers by making the process of insurance and identity verification process easy, have it become more trustworthy, safe and less risky. Marsh plans to collaborate with Evident, a data security firm that enables businesses to use comprehensive and precise verifications without the need to handle sensitive and private data.
Marsh, which is built on an open source Hyperledger Fabric and IBM Blockchain Platform, that also includes contribution from ACORD, an insurance standards leader said that it would be launching its commercial blockchain for proof of insurance at the beginning of this year. Marsh and Evident partnership expand Marsh’s blockchain’s capabilities since it will be connected to Evident’s Assurance Platform. The resulting system will turn insurance certificates into digital immutable records allow all with permission to verify them in the system.
Sastry Durvasula, Marsh’s Chief Digital, Data and analytics officer said that,
“The beauty of blockchain technology is that it is able to provide efficiency, trust and security across ecosystems.”
Considering the growing need for insurance and verification of identities, Marsh’s collaboration with Evident according to him captures the power of blockchain to improve a major challenge in business for sharing and gig economies.
The Chief Executive Officer of Evident David Thomas, notes that,
“Verification and validation bring about a lot of challenges in the sharing economy. He continues to say that the only to get solutions to these problems is to combine trusted information from various parties.”
Combining Evident’s identity verification capabilities with the blockchain power of Marsh will ensure efficiency in bringing gig workers together and giving them unlimited power to verify important information. He promises that this will be possible without their users exposing sensitive data.