HCL Technologies has collaborated with R3 to launch BUILDINGBLOCK, a blockchain platform created to streamline business property insurance for multinational companies.

The platform enables insurance companies to craft a master policy document by enabling real-time data flow in a cryptographically secure and immutable manner.

A statement claimed that by adopting blockchain, organisations can save time and effort which was earlier consumed in lengthy data sharing processes and reconciliations. In addition, the immutable and secure nature of blockchain prevents the risk of data loss and accountability issues.

The platform focuses on managing insurance master policies for different geographies and provides visibility to all the stakeholders in the insurance domain for any annexure amends and approvals.

It also reduces the turnaround time and provides immutable records to establish accountability and proof of records.

BUILDINGBLOCK is developed on top of R3’s Corda platform, leveraging CoTrust, a flagship offering from the HCL Blockchain Practice.

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