Demystifying the World’s First International Blockchain Insurance Alliance B3i, Baoquan.com Devoting into Mutual Insurance Solution

Blockchain Insurance Industry Initiative (B3i) is devoting themselves into the insurance industry based on Blockchain, then to launch the business projects further improving the working efficiency of such industry, finally to build a more smarter and efficient method.

Members of the B3i initiative are collaborating to explore the ability of blockchain technologies to increase efficiencies in the exchange of data between reinsurance and insurance companies. At the same time, it also brings convenience and value to people’s daily life.

1. B3i Introduction

The Blockchain Insurance Industry Initiative B3i, which was launched in October 2016 to explore the potential use of distributed ledger technology, has grown to 15 members from its original five. And it has occupied more than 50% market share in the international reinsurance market.

The current members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group. (The original five members were Aegon, Allianz, Munich Re, Swiss Re and Zurich.)

2. B3i Blockchain Reinsurance Platform

The Blockchain product in the first stage of B3i is the reinsurance exchange platform based on blockchain technology. It aims to solve the pain points of the industry, using the distributed ledger technology to reduce the superfluous operation and costs, further to improve the business efficiency of reindustry.

Functions

• Online-contract

Modify the contract detail online

• Electronic Signature

Using  e-sinature for online signing, simplify the process

• Blockchain Smart Contract

Realize the premium calculation and automatic settlement

Reduce manual operation as well as improve exchange efficiency

• Further Improvement

Automatic adjustment for negotiation and premium

Superiority

• Mutiple nodes architecture
• Mutiple sharing of the contract from the perspective of unity
• Only one time setting
• No need for account checking
• High efficiengy for capital

Data File Standard

According to ACORD standard, B3i has set the standards to data structure, insurance contract, reinsurance contract, contract implementation, information encryption and so on.

Data Storage Structure

In order to prevent the leakage of data, B3i divided the data structure into three layers, completely private data, encrypted communication data and master data (public encrypted and shared data).

 

Through the blockchain tech, it could transform the insurance industry through a shared, transparent record of contract-related information. Shuqin tech has developed an open middle tier, by fusion up the technical advances for blockchian and overcome the capacity issue of public blockchain we provided a “Blockchin+” technical solutions, and established a trustworthy electronic certificate service platform – Baoquan.com.

 Mutual Insurance Solution

Trust Mechanism

Opened storage of blockchain, openness data, transparent data and security data, building a transparent operating mechanism.

Data Attestation

 Mutual insurance fund and user information stored in blockchain, avoiding the data modification or loss.

Public Scrutiny

Preserved information can be queried in real-time, behavior can be supervised effectively.

Gifts for You

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Step 1: Enter into Baoquan.com, then sign up as a member of Baoquan.com
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Notice: This cash coupon can be used in the services of download TEC(Trustworthy Electronic Certificate), e-data attestation, socialized verify.

NO.3：【Free Blockchain Reports】
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For enterprises, the following table are showing the main services.

For more detailed information, please contact email: js@baoquan.com

WHAT WE ARE SEEKING FOR:
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• Work on the most interesting and challenging problems in the Blockchain space.
• Be a part of a Blockchain team committed to the advancing technology
• Build reusable, modular code liaries for use across Blockchains product line.
• Work on an industry-leading product with big data.

WHAT YOU WILL NEED:

• The foremost quality for this or any position at Blockchain is integrity.
• Experience working with Java, golang and relational databases.
• Thrive on learning new technologies and dont believe in one-size-fits-all solutions.
• Understand how all the pieces fit together (front-end, database, network layer, etc.) and how they impact the performance of your application.
• Familiar with IBM Hyerledger, Ethereum, siacoin or bitcoin.
• Strong attention to detail.

Our website：https://www.baoquan.com
Contact us: js@baoquan.com