Marsh joins global blockchain initiative

Marsh has announced it is the first insurance broker to join the Enterprise Ethereum Alliance (EEA), a global blockchain initiative with more than 400 member companies.

“We see the potential of blockchain technology as having a game-changing impact on the risk management and insurance industry—one that enables the creation of new business models, products, and platforms that better serve our clients in the new economy,” Sastry Durvasula, Marsh’s chief digital officer and chief data and analytics officer, said in a news release.

Related: Marsh survey finds only 30% of organizations have cyber response plans in place

The EEA is the world’s largest open source blockchain initiative, seeking to create open industry standards and frameworks for blockchain applications based on the Ethereum platform. Marsh will be a  player in the EEA’s Insurance Working Group and the Digital Identity Working Group.

This isn’t Marsh’s first dip into blockchain technology. The company recently joined The Institutes RiskBlock Alliance, a risk management and insurance enterprise-level consortium that aims to leverage the blockchain to lower industry transaction costs and increase the speed and security of data transfers.

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This story was originally published by Canadian Insurance Top Broker.