Linux Foundation has launched a Blockchain-based platform to aid insurance. The AAIS (American Association of Insurance Services) and Linux Foundation co-launch this blockchain-based platform for the insurance sector. In other words, this non-profit technology firm that supports the Linux operating system backs a new blockchain-based platform to aid in the insurance sector.

The blockchain-based platform will help the insurance industry

Linux Foundation, a non-profit system, has launched a Blockchain-based platform to aid the insurance sector. Specifically, the Foundation revealed on Monday, 13 April, the OpenIDL (Open Insurance Data Link) platform launch. This platform aims to decrease the insurance reporting costs and develop an effective insurance data repository with distributed ledger system.

Open Insurance Data Link is a combined enterprise of the AAIS (a public insurance advisory firm in the US) and the Linux Foundation. This open-source platform brings prominent global insurance companies, such as Selective Insurance Group and Hanover. Service and technology providers such as KatRisk, MOBI, and Chainyard join in a popular DLT platform to distribute business and data processes in the insurance sector.

Further, the regulatory reporting across the casualty and property insurance sector is a key use for the network of OpenIDL. Gaining from the Blockchain’s basic characteristics, like transparency and immutability, the project intends to enable trust or even guarantee the regulators and other insurance industry participants that data reporting is complete and accurate.

OpenIDL operates as a Part of the open governance network of Linux Foundation

OpenIDL has been working as one of the open governance models of the Linux Foundation. This shows that the network is created on nodes operated by several diverse firms joined by shared distributed ledgers. The popular ledger offers a utility platform to record transactions and automate business processes.

According to Isaac Kunkel, Chainyard vice president, Blockchain is a group activity. And using the OpenIDL project, regulators, firms, and vendors form the ecosystem to work together on a common issue for the insurance industry growth. The whole industry would benefit through better decision executions and more correct data.

The Linux Foundation, founded in 2000, is a non-profit firm built on a merger between the Free Standards Group and Open Source Development Labs to support the growth of Linux and enhance its commercial adoption. Specifically, the Foundation dedicates to build sustainable ecosystems in open-source platforms to enhance technology expansion and development.