The Blockchain Insurance Industry Initiative (B3i) will leverage R3’s Corda blockchain platform to build its applications and business network.

Launched in 2016 by Aegon, Allianz, Munich Re, Swiss Re, and Zurich, B3i aims to help insurers and reinsurers to get a better insight into the applicability of the blockchain technology in the insurance market. B3i Services AG was incorporated on 23rd March 2018 in Zurich.

In its official release, B3i said that after an extensive evaluation of the available open source blockchain technologies, it has concluded that Corda offers the best blockchain solution available and will enable it to efficiently deliver business value to its clients.

“The Corda platform offers the optimal solution in the market to deliver the B3i roadmap and our industrywide insurance blockchain ecosystem. We are very excited to continue our work with the Corda team,” Markus Tradt, CTO at B3i, said.

The Corda platform, developed by a group of over 70 of the world’s biggest financial institutions participating in the R3-led consortium, is a blockchain-inspired open source distributed ledger platform. It is built on established and industry-proven technologies and standards, which enables full integration of Corda nodes in the professional and compliant IT environments that are used by B3i’s clients

“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,” Richard Gendal Brown, CTO at R3, said.