B3i announced it would develop its app and network on the Corda platform offered by blockchain software company R3. The blockchain insurance startup said it had reviewed a number of options, closely evaluating parameters like data privacy, interoperability, scalability, and productivity. The final verdict was that Corda best fits B3i’s requirements. Previously, the consortium had built its prototype on IBM’s blockchain technology provided by Hyperledger Fabric.
B3i Services is a startup launched in March 2018 by a consortium established much earlier. The initiative, which brings together insurers and reinsurers, aims to come up with blockchain-based solutions for the benefit of all parties in the insurance sector. Currently, the group includes the following shareholders: Allianz (DE:ALVG), Achmea, Aegon, Ageas, Generali (MI:GASI), Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Zurich Insurance Group, Tokio Marine, and XL Catlin.
Markus Tradt, chief technology officer of B3i, said:
“The Corda platform offers the optimal solution in the market to deliver the B3i roadmap and our industry-wide insurance blockchain ecosystem. We are very excited to continue our work with the Corda team.”
R3 CTO Richard Gendal Brown expressed his excitement about B3i’s choice:
“We are delighted that B3i has selected Corda as its preferred platform and our engineering team is looking forward to working closely with the excellent team at B3i to bring their innovative solutions to market.”
B3i’s move is interesting especially after at least two former R3 employees revealed that the New York-based blockchain developer might have money troubles and that Corda itself is not a solid competitor to Ethereum Enterprise Alliance or Hyperledger. The R3 consortium has lost some of its initial backers, among them JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS).
However, Tradt told Global Trade Review that, at least regarding privacy, Corda has an advantage over Hyperledger.
“What we really liked about the Corda design is that they share information only on a transaction level between parties, so they are not putting transactions into blocks and sharing transactions with parties that are not involved, and this was very important to us. It’s crucial for us that transaction information is private between counterparties,” the CTO said.
This article appeared first on Cryptovest
