The Insurance industry finds yet another application for Blockchain technology. Business property insurance has lengthy data sharing processes and reconciliations. This involves a lot of time and effort. But a Blockchain reduces this time. In addition, the immutable and secure nature of blockchain prevents the risk of data loss and accountability issues. HCL Technologies (HCL), a leading global technology company, in collaboration with R3, a leading enterprise blockchain software firm, has launched BUILDINGBLOCK — a blockchain platform created to streamline business property insurance for multinational companies. This platform enables insurance companies to craft a master policy document by enabling real-time data flow in an easy, cryptographically secure and immutable manner.
What the platform does
The platform focuses on managing insurance master policies for different geographies and provides real time visibility to all the stakeholders in the insurance domain for any annexure amends and approvals. It reduces the turnaround time and provides immutable records to establish accountability and proof of records. It takes away some burden of pointed BPM solutions and can prove to be a good asset for any organization in conducting pilots or taking it to production.
BUILDINGBLOCK is developed on top of R3’s Corda platform leveraging CoTrust™ platform, a flagship offering from HCL Blockchain Practice. CoTrust™ uses enterprise blockchain engines such as R3’s Corda platform, leveraging its base capabilities to enable rapid development and deployment of blockchain applications. The CoTrust Blockchain Application Platform offers services with key features, such as managed platform, end-to-end security, onboarding, and structured APIs.
Click here to view the listing on R3 Marketplace.
R3 is an enterprise blockchain software firm working with a global ecosystem of more than 300 participants across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3’s global team of over 200 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its vibrant ecosystem. The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. Learn more at www.r3.com and www.corda.net.
About HCL Technologies
HCL Technologies (HCL) empowers global enterprises with technology for the next decade today. HCL’s Mode 1-2-3 strategy, through its deep-domain industry expertise, customer-centricity, and entrepreneurial culture of ideapreneurship™ enables businesses to transform into next-gen enterprises.