Linux Foundation launches blockchain-based platform for insurance

The Linux Foundation and the American Association of Insurance Services are co-launching a blockchain-based platform to help the insurance industry.The Linux Foundation, the nonprofit technology consortium that supports the Linux operating system, is backing a new blockchain-based project for the insurance industry.

On Monday, the foundation announced the launch of the Open Insurance Data Link platform, a project that aims to reduce the cost of insurance reporting and create a standardized insurance data repository using distributed ledger technology.OpenIDL is a joint initiative of the Linux Foundation and the American Association of Insurance Services, a national insurance advisory organization in the United States.

“Blockchain is a team sport and with the OpenIDL platform, companies, regulators and vendors are forming an ecosystem to collaborate on common issues for the betterment of the insurance industry. The entire industry will benefit through more accurate data and better decision making,” Chainyard senior vice president of consulting services Isaac Kunkel said.

Reference :

https://cointelegraph.com/news/linux-foundation-launches-blockchain-based-platform-for-insurance

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