Open source Blockchain Standards gets new support

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Marsh has become the first insurance broker to be a part of the Enterprise Ethereum Alliance (EEA). It has joined the EEA, an open source blockchain initiative with 400 member companies.

The EEA seeks to create open industry standards and frameworks for blockchain applications based on the core Ethereum platform.

As a member of the EEA, Marsh will play important roles in the Insurance Working Group and the Digital Identity Working Group. Addressing the media,  Marsh shared that they collaborated with the alliance members in driving the adoption of blockchain applications.

“We see the potential of blockchain technology as having a game-changing impact on the risk management and insurance industry – one that enables the creation of new business models, products, and platforms that better serve our clients in the new economy,” said Sastry Durvasula, chief digital officer and chief data & analytics officer, Marsh.

“By joining the EEA, we will be able to collaborate with other members to explore new solutions and disruptive use cases, while participating in the evolution of Ethereum into enterprise-grade blockchain technology,” Durvasula added.

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Marsh also recently joined The Institutes’ RiskBlock Alliance, a risk management and insurance industry enterprise-level blockchain consortium that seeks to leverage the blockchain to lower industry transaction costs while increasing the speed and security of data transfers among customers, industry stakeholders and third parties.

The EEA is an industry-supported, not-for-profit established to support Ethereum-based technology best practices, open standards, and open-source reference architectures. It is helping to evolve Ethereum into an enterprise-grade technology.    Read more…

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