Insurance blockchain consortium awaiting regulatory nod to grow nationally

IBM looks forward to general insurance firms coming on board

IBM is awaiting regulatory clearance to take blockchain deployment to a consortium of general insurance companies nationally, after a pilot designed to facilitate easy transfer of medical records between insurance companies. 

“Currently, the blockchain use-case we have in place is for insurance companies to share medical records effortlessly, to reduce duplication of records across the board. The consortium is awaiting regulatory clearance to bring it into action,” said Jitan S Chandanani, partner–blockchain leader, IBM ISA.

Blockchain is a distributed and decentralised method of storing information, based on mutual agreement of members.

IBM is the technology partner with Cateina Technologies, the technology provider