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Swedish tech starter Haidrun has launched an enterprise blockchain platform for insurers and reinsurers.

Haidrun’s private blockchain platform eliminates suspicious and duplicate transactions by recording each event, document, or transaction securely and in chronological order. Once verified, the action is encrypted and sealed in a “data block” that is immutable and can be verified for authenticity by providing accurate, secure and transparent records.

Haidrun can also create smart personal contracts for fast and secure billing, payments and refunds. In the case of reinsurance, private blockchain technology can calculate accurate reserves based on current contracts and provide deeper insights when paying insurance claims. This provides highly accurate data and makes it much more reliable to reinsurance and rebalance exposures for specific risks.

The Haidrun platform is a non-open source, flexible and scalable private blockchain built on an advanced architecture that uses an artificial intelligence engine. Unlike public blockchain, which removes much of the complexity of public blockchain, has no responsible entity, and allows anyone to interact with the blockchain, private networks maintain control, eliminate fraud, and provide a high degree of regulation. , Avoid variable costs. The company explained in a statement the performance fluctuations associated with the public platform.

“Private blockchain is suitable for the insurance industry in terms of scale, accountability and cost and can be run as a service,” said Jonas Lundokuvist, CEO and founder of Hydran. “While some insurers have already begun investing in public blockchain technology, private blockchain provides the necessary accountability, transparency and greater security while maintaining control. Haidrun also removes much of the complexity of the public blockchain, uses standard APIs to support interoperability with third-party systems, and provides a platform for trusted collaboration. “

The global insurance blockchain market is expected to grow to over US $ 1 billion by 2023, Haidrun said, citing Accenture’s report.

About Hydran

Based in Sweden, Haidrun was founded in 2019 to develop next-generation blockchain technology. The result is a Haidrun enterprise blockchain platform that combines a powerful private distributed ledger technology (DLT) blockchain with an artificial intelligence (AI) engine for fast transaction speed, security and scalability, and interoperability with existing systems. Realizes significant cost reduction. The advanced features of the Haidrun platform unleash the real business benefits of blockchain and can be deployed as a blockchain solution on-premises or as a service.

topic
Career
InsurTech
Tech
Reinsurance

Swedish tech startup Haidrun launches blockchain platform for reinsurance companies

Source link Swedish tech startup Haidrun launches blockchain platform for reinsurance companies

(Excerpt) Read more Here | 2021-05-29 06:54:19
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