Insurance broker Marsh announced that it is expanding its collaboration with IBM to provide clients with wider access to the industry’s first commercial blockchain solution for proof-of-insurance.
By using blockchain technology, Marsh and IBM are working together to transform the certificate of insurance process so that clients to speed up business functions such as hiring contractors. Marsh will work with IBM to extend its commercial proof of insurance blockchain solution to be directly accessible to Marsh clients through the Salesforce Platform.
A distributed ledger technology, blockchain establishes a shared, immutable record of all the transactions that take place within a network and then enables permissioned parties access to trusted data in real-time. Since proof-of-insurance is a key business requirement in many industries, this blockchain solution is actually the creation of a network of networks to provide verification on a much broader scale.