Riskstream solution to roll out insurance apps swiftly
The Institutes Riskstream Collaborative exposed the third iteration of its blockchain platform Canopy. Previously, the initial version of Canopy supported the R3 Corda enterprise blockchain. By converting to the Kaleido platform, the insurance blockchain retains Corda. It also adds aid for multiple flavors of Enterprise Ethereum. Although it is not a current offering, Kaleido’s GitHub code also shows some activity on Hyperledger Fabric.
And the biggest advantage of Canopy 3.0 is that it can move faster, which is important for the digital transformation speed.
Why this rush?
RiskStrean revealed that their initial policy that used Etherum switched to Corda in December 2017. However, the first use for auto accidents is not yet live with the current plans.
Patrick Schmid, RiskStream’s Vice President, said that with Kaleido development help, it took them three weeks to create a concept proof. The concept proof was required for Mortality Monitor that speeds up the payouts on life insurance policies.
Kaleido has an enterprise Blockchain and a service solution with multiple cloud providers. It is a series of blockchain software and is a part of a SaaS solution.
Schmid further added that when they started this journey, there was not a Kaleido. They were building something similar to what they have with Canopy 3.0 but from scratch.
Sophia Lopez added that these projects are trying to rediscover the pieces that are already there. She added that some were already open source.
She also noted that consulting helps get these consortia off on the right track.
None of these Blockchain imitates use Blockchain in isolation. In real life, they are enterprise solutions with the moving parts.
The Kaleido team has a decent record of helping enterprise blockchain networks to launch a minimum viable product. For example, agribusiness consortium Covantis announced its technology solution in January 2020.
And Kaleido boasts several good clients such as Citibank, Shell, Sony, ING.