Marsh, a global leader in insurance broking and innovative risk management solutions becomes the next big financial organization to adopt blockchain on its platform. They are collaborating with IBM, ACORD, and ISN for the first commercial blockchain solution for proof of insurance.
Blockchain establishes a shared, immutable record of all the transactions that take place within a network and then enables permission parties to access the trusted data in real-time. As proof of insurance is a key business requirement in most industries, it makes sense for insurance companies to integrate the technology into their platform.
Marsh sees opportunity in leveraging blockchain technology to better serve their clients by maximizing efficiency and creating new opportunities in the insurance value chain. Strategic collaborations with partners such as IBM, ACORD and ISN will help accelerate the adoption of more blockchain applications benefiting clients across industries.
The new proof of insurance solution is being developed on the open source Hyperledger Fabric technology and IBM Blockchain Platform. Technical inputs have been provided by ACORD and customer feedback from ISN.
Currently, the project is in a pilot phase and is expected to go into production later this year. ISN, a global leader in contractor and supplier information management headquartered in Dallas, Texas, is the first Marsh client to pilot the solution.
Rest assured, we can be sure that many companies will soon announce the adoption of blockchain on their platform. There are several reasons for it. The most prominent being that companies need to be future proof and blockchain is the technology of the future. Adoption of blockchain creates great PR opportunities which is another reason for companies to take the plunge into the cryptospace.