The largest blockchain insurance consortium in the world, Blockchain Insurance Industry Initiative (B3i), is ditching the open source Hyperledger Fabric for the enterprise solution Corda developed by New York-based technology firm R3. In a Monday announcement, the company revealed that it favors the new platform for better data privacy and scalability.

An independent company founded by Swiss Re, Aegon and Allianz, the B3i is also supported by AIA and AIG. The company will be using Corda to develop a prototype reinsurance blockchain and adopt a smart contract system that helps reduce paperwork in the industry.

The decision followed a report by B3i Services AG that concluded the superiority of the enterprise developed Corda platform over the open source Hyperledger Fabric.

It focused on several critical factors for testing the two products, including interoperability, developer productivity, scalability, and data privacy.

B3i CTO Markus Tradt said:

“The Corda platform offers the optimal solution in the market to deliver the B3i roadmap and our industry-wide insurance blockchain ecosystem. We are very excited to continue our work with the Corda team.”

Corda has a strong reputation for being a secure platform with innovative technology. The insurance consortium believes it could create fully integrated Corda nodes into compliant IT environments. R3 CTO Richard Gendal Brown stated:

“We are delighted that B3i has selected Corda as its preferred platform and our engineering team is looking forward to working closely with the excellent team at B3i to bring their innovative solutions to market.”

The switch is long due as several industry bigwigs are already using R3’s distributed ledger technology for creating their new enterprise systems. It is important to note that, while Corda is a distributed ledger, it is not considered a traditional blockchain.

R3 confirms that “it was never designed to be one.” It further noted:

“It is heavily inspired by and captures the benefits of blockchain systems, but with design choices that make it able to meet the needs of regulated financial institutions.”

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