The blockchain Initiative B3i, managed by several international insurance companies, announced the launch of the B3i Service AG project in Zurich, Switzerland, Cointelegraph auf Deutsch reported.

The consortium wants to create a trading blockchain platform for the formation of a chain of added value for the entire insurance industry.

The research initiative was focused on a pilot project to explore the potential of using blockchain in the industry. The new B3i Services AG project will be the implementation of the research results in the current trading blockchain system.

The B3i service AG is not the first application of blockchain technology in the insurance industry. The company Deloitte provided its own in November 2017. Two months earlier, the shipping giant Maersk in collaboration with Microsoft, E & Y and several other insurance companies, safely completed a 20-week trial period in the application of the block for the management of cargo insurance data.

The B3i initiative and B3i service AG are supported by the largest insurers Munich Re and Swiss Re, as well as leading insurance companies Zurich, Allianz and Aegon.