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Marsh has announced that it has joined the Enterprise Ethereum Alliance (EEA), an open source blockchain initiative with 400 member companies.
The EEA seeks to create open industry standards and frameworks for blockchain applications based on the core Ethereum platform.
Marsh said it is the first insurance broker to be part of the EEA, which includes some of the world’s leading organizations in technology, financial services, health care, energy, manufacturing, and a number of fast-growing startups.
As a member of the EEA, Marsh will play a role in the Insurance Working Group and the Digital Identity Working Group, collaborating with the alliance members in driving the adoption of blockchain applications, the broker said in a statement.
“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,” said Sastry Durvasula, chief digital officer and chief data & analytics officer, Marsh.
“By joining the EEA, we will be able to collaborate with other members to explore new solutions and disruptive use cases, while participating in the evolution of Ethereum into enterprise-grade blockchain technology,” Durvasula added.
Marsh also recently joined The Institutes’ RiskBlock Alliance, a risk management and insurance industry enterprise-level blockchain consortium that seeks to leverage the blockchain to lower industry transaction costs while increasing the speed and security of data transfers among customers, industry stakeholders and third parties.
The EEA is an industry-supported, not-for-profit established to support Ethereum-based technology best practices, open standards, and open-source reference architectures. The EEA is helping to evolve Ethereum into an enterprise-grade technology, providing research and development in a range of areas, including privacy, confidentiality, scalability, and security.
EEA will collectively develop open industry standards and facilitate collaboration with its member base and is open to any members of the Ethereum community who wish to participate.
Source: Marsh