“The move will aim to propel a common distributed ledger for sharing information and business processes within the insurance environment. Alongside cutting costs, the project aims to provide a “connection point” for third parties to deliver applications to its members, according to the release.

Some of the world’s largest insurance companies including The Hanover and Selective Insurance Group as well as technology and service providers Chainyard, KatRisk and MOBI will also be involved, the foundation said.”

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