New
Delhi, India, August 31, 2020 - HCL Technologies (HCL), a leading global
technology company, in collaboration with R3, a leading enterprise blockchain software firm, has launched
BUILDINGBLOCK - a blockchain platform created to streamline business property
insurance for multinational companies. This platform enables insurance
companies to craft a master policy document by enabling real time data flow in
an easy, cryptographically secure and immutable manner. By adopting blockchain,
organizations can save time and effort which was earlier consumed in lengthy
data sharing processes and reconciliations. In addition, the immutable and
secure nature of blockchain prevents the risk of data loss and accountability
issues.
The
platform focuses on managing insurance master policies for different
geographies and provides real time visibility to all the stakeholders in the
insurance domain for any annexure amends and approvals. It reduces the
turnaround time and provides immutable records to establish accountability and
proof of records. It takes away some burden of pointed BPM solutions and can
prove to be a good asset for any organization in conducting pilots or taking it
to production.
BUILDINGBLOCK is developed on top of R3’s Corda platform leveraging CoTrust™ platform, a flagship offering from HCL Blockchain Practice. CoTrust™ uses enterprise blockchain engines such as R3’s Corda platform, leveraging its base capabilities to enable rapid development and deployment of blockchain applications. The CoTrust Blockchain Application Platform offers services with key features, such as managed platform, end-to-end security, onboarding, and structured APIs.
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