Bitfury Group, a leading full-service blockchain technology company, has entered into a strategic partnership with Risk Cooperative, an innovative risk and insurance advisory company, in order to pioneer blockchain applications in the insurance market.

By leveraging Bitfury’s expertise in designing and implementing full scale blockchain applications, the ‘Bitfury Risk Cooperative partnership’ will also utilize comprehensive insurance placement platform and partnership model of Risk Cooperative in order to spur blockchain solutions adoption.

“With Bitfury as a strategic partner, combined with our commitment to innovation and improving resilience, we are confident that we can serve as first movers in driving Blockchain’s adoption across the entire insurance value chain. This is no small feat, but with Bitfury’s strategic and operational leadership in Blockchain technology, we can be bold in our advance,” Dante Disparte, Risk Cooperative’s founder and CEO, said.

The partnership aims to improve trust, transparency, efficiency as well as security in the origin and transfer of insurable risk.

Blockchain will act to curb the most natural, man-made and emerging risks that remain unfunded or underinsured, despite the scale of the global insurance industry that writes over $5.5 trillion in annual premiums.

The strategic partnership aims to become a catalyst to industry players that are helping them overcome organizational and cultural apprehension to Blockchain by serving as an implementing partner and advisor.