openIDL is an open blockchain network built on the IBM Blockchain Platform on the open source Hyperledger Fabric designed to streamline regulatory reporting and provides new insights for insurers, while enhancing timeliness, accuracy, and value for regulators
AAIS (the American Association of Insurance Services), the only national not-for-profit insurance advisory organization governed by its Member companies, today announced new multicloud capabilities to openIDL (open Insurance Data Link), giving members the flexibility to deploy the blockchain network on the cloud infrastructure of their choosing.
openIDL is an open blockchain network built on the IBM Blockchain Platform on the open source Hyperledger Fabric designed to streamline regulatory reporting and provides new insights for insurers, while enhancing timeliness, accuracy, and value for regulators. openIDL helps enable the efficient, secured, and permissioned-based collection and sharing of statistical data.
As the insurance industry continues to integrate blockchain into their processes and insurers set their sights on scaling, it’s clear that the value of blockchain networks increases with the addition of diverse industry Members. However, diverse networks can also add complexity. In today’s hybrid and multicloud world, organizations run both on-premises and in distributed cloud environments. Organizations today leverage cloud services from five to 16 cloud vendors.
Based on the IBM Blockchain Platform, openIDL’s new multicloud capabilities allow network participants the ability to more easily integrate their data with openIDL and manage their openIDL components on different cloud environments.
“Our goal is to build the most technically up-to-date, cost effective, open platform available,” according to Joan Zerkovich, Senior Vice President of Operations at AAIS. “Multicloud capabilities enable more efficient performance within openIDL and lay the foundation for further development and integration in the long run.”
AAIS serves as the openIDL administrator, providing unbiased governance for the blockchain network within existing insurance regulatory frameworks. AAIS Members may participate in the openIDL blockchain as part of their existing or new Program Affiliations. AAIS welcomes participation in the openIDL from across the insurance industry through Membership and Data Affiliation. Simply contact an AAIS Advisor for details or visit www.openIDL.com to “get linked.”
Source: Company Press Release