What is it?
The first product developed by B3i is a Property Cat XOL contract. The underlying technology is Hyperledger and B3i has partnered with IBM in order to implement the platform.
The short term focus of the platform is on handling reinsurance contracts on a state-of-the-art distributed ledger:
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- From April 2017 to September 2017 a dedicated, combined team drawn from B3i member firms has produced a working prototype. The Prototype covers the core functionality required to enable a distributed smart contract management system for Property Cat XOL contracts
- The technical architecture is already close to a production-ready solution and the team is preparing for feature enhancements of the prototype and a first deployment into production in 2018
The development team is based in Munich supported by virtual teams from member companies from across the globe. The final product was reviewed in June 2017 and is now entering a testing phase open to non-members. The parallel run is planned for 2018.
What does the application do?
Rather than maintain data on separate ledgers of each contracting party, the B3i blockchain application runs a shared process, calculation, settlement and reporting on a distributed ledger.
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This is able to handle:
- Multi-party transactions: cedents, brokers and reinsurers underwriting a contract via nodes;
- Privacy: the Hyperledger architecture channels manages encrypted information between parties;
- Smart contract logic in computational logic: in a property Cat Excess of Loss contract;
- Multi-layers: combining programs, layers, sections and proportional and XOL logic;
- Approvals: our digital signatures have their own root of trust without relying on a central authority;
- Settlement: all common accounting data to settle the contract post-placement are generated;
- Asset transfers: state changes lead to value transfers, traceable in an immutable, digital way.
If you consider that Google has helped us to organise data, this product from B3i will help us to organise our risk data.