Haidrun unveils private blockchain platform for the re/insurance industry

Swedish Tech start-up Haidrun has launched a new enterprise blockchain platform designed for the insurance industry.

Haidrun’s private blockchain promises confidentiality and performance to support the delivery of high value trusted digital services such as the collection and sharing of confidential data, contract execution and third-party payments.

It is a non-open source private blockchain that is built on an architecture that uses artificial intelligence engines. It claims to remove much of the complexity of a public blockchain, eliminating illicit activities and providing regulatory benefits that do not exist on public blockchains.

The platform eliminates suspicious and duplicate transactions by securely and chronologically logging each event, document or transaction. Once verified the action is immutable, making it possible to verify authenticity by providing accurate, secure and transparent records.

Haidrun can also create smart personalised contracts for fast and secure claims processing, payments and reimbursements.

It is also targeted at reinsurers, delivering reserve calculations based on current contracts to provide greater insight as claims are paid and allow carriers to rebalance exposures against specific risks.

Jonas Lundqvist, chief executive officer and founder of Haidrun, said private blockchains are more suitable for the re/insurance industry due to their scale, accountability and cost structure.

“While some insurers have already started investing in public blockchain technology, private blockchain provides the accountability, transparency and greater security needed, whilst still retaining control,” he explained. “Haidrun also removes much of the complexity of public blockchain, supports interoperability with third-party systems using standard APIs and provides a platform for trusted collaboration.”

According to an Accenture report the global market for blockchain in insurance is expected to grow to over $1 billion by 2023.

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