InsurWave Blockchain Platform – Technology & Other Details

insurwave blockchain platform used by Maersk

Insurwave is claimed to be world’s first marine insurance blockchain platform launched as a result of a joint venture by Ernst & Young (EY), GuardTime and insurance industry participants. This looks to be a permissioned blockchain platform requiring the member organizations (maritime companies, brokers, insurers, and reinsurers) to be authorized prior to becoming part of the Blockchain consortium.

InsurWave Blockchain Platform is used to?

The blockchain platform is used to achieve some of the following objectives:

Store data related to assets
Store data about identities, risk, and exposures
Associate date to smart contracts
Connects assets, transactions, and payments
Integrate this information with insurance contracts.

What’s the technology behind InsurWave?

The following are some of the key aspects of the technology used to create the Insurwave blockchain platform:

It uses distributed ledger technology (DLT) built on the Corda blockchain – an open-source blockchain project designed with an aim to build inter-operable permissioned blockchain networks.
It is deployed on the cloud platform, Microsoft Azure.
It is aimed to manage 1,000 vessels and support over 500,000 digital ledger transactions in the first year.

Why Blockchain for Marine Insurance?

The following are some of the key reasons:

It helps automate manual processes
Removes a set of operational inefficiencies

Who are Blockchain Participant or Member Organizations?

The following are some of the companies which have either started using the platform or working to integrate the platform in their application landscape:

Willis Towers Watson
XL Catlin – An insurer dealing with global property and casualty insurance and reinsurance
MS Amlin – An insurer dealing with marine & aviation, property & casualty insurance, and, reinsurance
Maersk – A container shipping company

References

Ajitesh Kumar

I have been recently working in the area of Data analytics including Data Science and Machine Learning / Deep Learning. I am also passionate about different technologies including programming languages such as Java/JEE, Javascript, Python, R, Julia, etc, and technologies such as Blockchain, mobile computing, cloud-native technologies, application security, cloud computing platforms, big data, etc. For latest updates and blogs, follow us on Twitter. I would love to connect with you on Linkedin. Check out my latest book titled as First Principles Thinking: Building winning products using first principles thinking. Check out my other blog, Revive-n-Thrive.com