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Big Four Company To Help Blockchain Firm Enter Canadian Market

Published: 28/09/2018
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What is it for?

The representatives of Deloitte, a consulting company from the “Big Four”, will support the initiative of American consortium The Institutes RiskBlock Alliance to enter the Canadian market, Cointelegraph reports.

 

RiskBlock Alliance was established in 2017 and is aimed at developing blockchain technologies for insurance sector.

 

The consortium consists of more than 30 independent companies working jointly with an aim to develop blockchain apps which for the first time will take into account the subrogation tool that allows the insurer to claim compensation directly from the individual responsible for the damage.

 

In the following months, Deloitte will promote the expansion of insurance apps in the Canadian provinces. By registering as a legal entity in Canada, the consortium will begin cooperation with local insurers.

 

In essence, Deloitte will take responsibility for the development methodology of decentralized apps in Canada, combining various aspects of insurance transactions. The proposed applications will be based on the Corda platform powered by the fintech company R3.

 

Ted Epps, the head of the Deloitte Consulting, emphasized that the project led by the RiskBlock Alliance team is promising and of strategic value, since all people involved in the insurance industry can be connected to one network through it.

 

Epps also stated that the expansion of this app within Canada will serve as an impetus for the implementation of blockchain technologies into the insurance market.

 

As previously reported, the head of First Block Capital is confident that Canadian authorities are more supportive of blockchain than the US government.

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insurance blockchain Canada Deloitte
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