Deloitte supports Blockchain consortium

Auditing and consulting firm Deloitte will help the blockchain consortium The Institutes RiskBlock ™ Alliance expand into Canada. This was announced on September 25th. The consortium focuses on the application of blockchain technology in the insurance industry.

Deloitte is next to Ernst & Young, KPMG and PricewaterhouseCoopers (PwC) one of the “Big Four”, the four largest accounting firms in the world. BTC-ECHO reported that it had itself joined two consortia working on blockchain technology last May. Now it wants to help a blockchain consortium set up a branch in Canada. According to a statement on the website of The Institutes, this should be the first step in a global expansion.

The US consortium RiskBlock Alliance was founded in 2017 and brings together 31 organizations. According to their own statements RiskBlock Alliance wants to develop blockchainbased applications. Below this is an app for proof of insurance, with which one can convey the insurance company a loss report via a smart contract-capable subrogation tool.

The consortium plans to expand to Canada in the coming months. There it wants to register as a legal entity and work with Canadian property and casualty insurers. Deloitte will support these plans by assuming responsibility for the methodology, prioritization and development of a variety of blockchain applications. In addition, every new app will be made available through Canopy, the industry’s first end-to-end blockchain framework. The aim is to focus on improving efficiency and reducing transaction costs for policyholders. Canopy is built exclusively for the RiskBlock Alliance on the Corda platform of R3.

Linda Pawczuk, head of financial services at Deloitte Consulting LLP, said the platform will serve as a “home base” for the global insurance industry over the coming years. Ted Epps, a director at Deloitte Consulting, also sees a bright future in this project. The RiskBlock Alliance has a strategic value in being able to “connect various insurance industry stakeholders via a common network”. In addition, he said expansion into Canada “will accelerate the consortium’s global reach and take Blockchain to the next level in the insurance industry – and financial services – to the next level.”

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