Accenture Joins RiskBlock as Part of Insurance Consortium
Accenture and The RiskBlock Alliance have announced the latest addition to the consortium as part of an effort to further advance the development of insurance solutions designed for the blockchain industry.
Accenture is a company focused on providing consulting and professional services. Joining The RiskBlock Alliance, the company will focus on implementing blockchain technology into a framework designed to host trial cases for the consortium. RiskBlock is dedicated to the development of insurance through BC technology.
President McDaniel of the alliance stated that the latest addition to the consortium will provide even further advances to market insurance through modern-day blockchain applications. Through the partnership, a better understanding of blockchain and how to integrate the technology into the insurance industry will allow the company to advance further in its cause.
Michael Costonis of Accenture stated that blockchain technology will aid in establishing certified conditions for any partnership, as insurance companies are dependent on business to provide income and resources. The new applications will ensure that every party is held responsible for their actions by holding contract information on the chain and bypassing trust as an instigator of partnerships.
By joining Risk, Accenture is developing the framework meant to be used by the Alliance for insurance management. After development is complete, the company will provide necessary maintenance and system upgrades during its operation.
RiskBlock aims to integrate new systems that assist in instant insurance verification, reduce cost transactions and fight of fraudulent attempts involving insurance claims and otherwise.
Through blockchain, dozens of trials are scheduled to take place on the new platform to observe reported case uses and develop features such as insurance authentication for authorities and faster payment methods on digital agreements.