Swedish tech start-up Haidrun has launched an enterprise blockchain platform targeted at insurers and reinsurers.
Haidrun’s private blockchain platform eliminates suspicious and duplicate transactions by securely and chronologically logging each event, document or transaction. Once verified, actions are cryptographically sealed into “data blocks” and they become immutable, making it possible to verify authenticity by providing accurate, secure and transparent records.
Haidrun can also create smart personalized contracts for fast and secure claims processing, payments and reimbursements, the company said. For reinsurance, private blockchain technology can deliver accurate reserve calculations based on current contracts to provide greater insight as claims are paid. This delivers highly accurate data to help reinsure and rebalance exposures against specific risks with a far greater degree of surety.
The Haidrun platform is a non-open source, flexible and scalable private blockchain, built on an advanced architecture that uses artificial intelligence engines. It removes much of the complexity of public blockchain, and unlike public blockchains, where there is no entity in charge and anyone can interact with the blockchain, private networks retain control, eliminate illicit activities, provide a high degree of regulation and avoid variable costs and performance fluctuations associated with public platforms, explained the company in a statement.
“Private blockchains are more suitable for the insurance industry for reasons of scale, accountability and cost and can be run as a service,” said Jonas Lundqvist, Haidrun’s CEO and founder. “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. 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.”
The global market for blockchain in insurance is expected to grow to over US$1 billion by 2023, said Haidrun, quoting an Accenture report.
Swedish-based Haidrun was founded in 2019 to develop the next generation of blockchain technology. The result is the Haidrun enterprise blockchain platform that combines powerful private distributed ledger technology (DLT) blockchains with Artificial Intelligence (AI) engines to deliver rapid transaction speed, security and scalability, interoperability with existing systems and significant cost reduction. The advanced features of the Haidrun platform unlock the real business benefits of blockchain and can be deployed on-premise or as a blockchain-as-a-service solution.
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