The world’s largest insurance blockchain consortium B3i will use for its new product platform from Corda R3, reports Сoindesk.

Founded in October last year, major European insurers, the company is Blockchain Insurance Industry Initiative (B3i) recognized the Corda platform best blockchain solution for your business after careful analysis of available open-source.

As expected, the full integration of nodes Corda will be carried out in a professional and compliant it environments that customers use B3i, says the company.

B3i will use the Corda platform for further implementation of the prototype of the blockchain reinsurance contracts and for the system of smart contracts designed to reduce paperwork.

“We are pleased that B3i opted for the Corda platform. Our team of engineers eager to start cooperation with them and bring their innovative solutions to the market”, — said the technical Director of R3 Richard brown.

Part of B3i, which was created with the purpose of studying the blockchain technology, originally included such major players in the insurance market as Aegon, Allianz, Munich Re, Swiss Re and Zurich.

We will remind, in may the German banking group Commerzbank and industrial conglomerate ThyssenKrupp successfully performing currency exchange operations using the Corda platform.