Marsh Develops Blockchain Solution for Clients in Sharing Economy
Marsh announced that it is developing the first blockchain-based verification solution for clients in the fast-growing sharing and gig economies.
Working in collaboration with Evident, a data security platform that allows businesses to run comprehensive, accurate verifications without handling sensitive personal data, the new blockchain solution aims to streamline the onboarding of gig economy workers by simplifying the insurance and identity verification process with added trust, safety, and risk management, said Marsh in a statement.
This announcement comes on the heels of several other blockchain-related partnerships, which Marsh has formed this year. In April, Marsh announced 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 clients with access to the industry’s first commercial blockchain product for proof of insurance through the Salesforce customer management platform.
Marsh said its collaboration with Evident marks an expansion of its blockchain’s capabilities which, when connected with Evident’s Identity Assurance Platform, will digitize certificates of insurance into immutable records so that all permissioned parties can instantly verify information.
Built on the IBM Blockchain Platform and open source Hyperledger Fabric, with input from insurance standards leader ACORD, Marsh announced its commercial blockchain for proof of insurance earlier this year.
“The beauty of blockchain technology is its ability to provide trust, efficiency, and security across ecosystems,” said Sastry Durvasula, chief digital, data and analytics officer at Marsh. “As the need for insurance and identity verification grows, our collaboration with Evident harnesses the power of blockchain to transform a major business challenge for the sharing and gig economies.”
“Verification and validation cause significant friction in the sharing economy. Solving this challenge requires a solution that brings together trusted information from several parties,” said David Thomas, CEO of Evident. “Integration of our platform’s identity verification capabilities with Marsh’s blockchain will streamline the onboarding of gig workers and offer an unparalleled ability to verify key information, all while ensuring our customers minimize their exposure to their data.”
Source: Marsh
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