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Marsh announced that it is developing the first blockchain-based verification solution for customers in rapidly growing sharing and in the economies of gig.
Working in collaboration with Evident, a data security platform that enables companies to perform complete and accurate audits without the handling of sensitive personal data, the new blockchain solution aims to simplify the onboarding of gig employees by simplifying the process of insurance and verification of identity with more confidence, security and risk management, Marsh said in a statement.
This announcement follows several other partnerships linked to the blockchain, which Marsh set up this year. In April, Marsh announced that it is collaborating with IBM, ACORD and its client, ISN, to develop a commercial blockchain solution for proof of insurance. And in September, Marsh expanded its collaboration with IBM to provide customers with access to the industry's first commercial blockchain product to demonstrate insurance through the Salesforce customer management platform.
Marsh said his collaboration with Evident marks an expansion of the capacity of his blockchain that, if linked to Evident's Identity Assurance platform, will digitize insurance certificates in immutable records so that all authorized parties can immediately verify the information.
Built on IBM Blockchain Platform and open source Hyperledger Fabric, with input from the leading ACORD insurance standards, Marsh announced its commercial blockchain for proof of insurance at the start of this year.
"The beauty of blockchain technology is its ability to provide trust, efficiency and security in all ecosystems," said Sastry Durvasula, Marsh's chief digital, data and analytics officer. "With the increase in the need for insurance verification and identity, our collaboration with Evident leverages the power of the blockchain to transform an important commercial challenge for sharing and support economies".
"Verification and validation cause considerable friction in the sharing economy.This challenge requires a solution that brings together reliable information from different parties," said Evident CEO David Thomas. "The integration of our platform's identity verification capabilities with the Marsh blockchain will simplify employee onboarding and provide an incomparable ability to verify key information, while ensuring our customers the possibility of minimizing their exposure to data ".
Source: Marsh
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