HCL Technologies, in collaboration with R3, launches BUILDINGBLOCK, a Blockchain Insurance Platform for multinational companies

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.