The Institutes RiskStream Collaborative Develops Canopy 3.0 on Kaleido’s Blockchain Business Cloud to Expand Member Capabilities

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It’s no secret that blockchain is hard, and evolving the technology while staying true to your mandate is key to enterprise success. The RiskStream Collaborative has been on the leading edge of this, and Kaleido is proud to help accelerate their transformative mission.

The Institutes RiskStream Collaborative™, the risk management and insurance industry’s largest enterprise-level blockchain consortium, has completed a transformative update of its Canopy distributed ledger framework with assistance from Kaleido, a leading enterprise blockchain company.

With the new Canopy 3.0, members can expedite the application-development process, ensure data privacy and security, and host nodes across various clouds (such as AWS and Azure). Canopy 3.0 moves the RiskStream Collaborative further toward its vision of an agnostic approach to distributed ledger platforms. For each use case, members will be able to build among various enterprise blockchain/distributed ledgers (such as Corda, Quorum, and Hyperledger), leverage off-chain data exchange where appropriate, and leverage tokens to build economic incentives for member data sharing.

“The RiskStream Collaborative currently operates across a variety of insurance sectors, including personal lines, commercial lines, life and annuities, and reinsurance,” said Christopher McDaniel, president of the RiskStream Collaborative. “Our members want to quickly test new concepts and advance key applications toward production. With Canopy 3.0, they will be able to quickly stand up proof of concepts and then rapidly produce production-hardened applications.”

Steve Cerveny, founder and chief executive officer of Kaleido, adds: “Tremendous business opportunity is driving enterprise consortia to push forward with their decentralized data-sharing platforms. The global pandemic has underscored the urgency of these digital-transformation initiatives. However, it’s no secret that blockchain is hard, and evolving the technology while staying true to your mandate is key to enterprise success. The RiskStream Collaborative has been on the leading edge of this, and Kaleido is proud to help accelerate their transformative mission.”

The Canopy 3.0 update follows recent RiskStream Collaborative developments, including launching a global working group on surety bonds power of attorney verification; initiating development of a certificates of insurance verification application; and developing, with Kaleido, the Mortality Monitor application to help life and annuities carriers close out and process death claims more efficiently. The consortium is also currently working with Kaleido to rearchitect its flagship product, a first notice of loss (FNOL) data-sharing application for personal lines, on Canopy 3.0 by April and then integrate it into the Guidewire marketplace in the spring, allowing members to test and move it into production over the summer.

About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative is the risk management and insurance industry’s first enterprise-level blockchain consortium that is developing insurance-specific use cases via Canopy, a custom blockchain architecture. TheInstitutes.org/RiskStream

The RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers.

About The Institutes
The Institutes, a leading provider of risk management and insurance knowledge solutions, offer 28 professional and associate designations, including the CPCU® program. In addition, The Institutes provide introductory, foundation, and leadership programs; online and continuing education courses; custom solutions; and assessment tools. TheInstitutes.org

CPCU is a registered trademark of The Institutes. All rights reserved.

About Kaleido
Kaleido is a digital transformation platform that offers blockchain-as-a-service, digital assets, smart contract management, network governance, insights and monitoring, collaboration services, apps and integration, along with a marketplace with third-party integrations, developer tools, and connectors.

Kaleido runs the leading industry multi-party consortia with built-in high availability, disaster recovery, and 99.99% uptime achieved over the last three years. Kaleido provides one native network across the major public clouds, across all global regions and on-premise deployments. It offers the industry’s highest levels of security, compliance, performance, and scalability, along with enterprise SLAs and 24/7 support. It is the first blockchain SaaS to have achieved ISO 27K certification and SOC 2 Type 2 certification.

Global enterprise blockchain consortia in production today across insurance, trade finance, supply chain, payments, banking, healthcare, media and entertainment, retail, manufacturing, government agencies and NGOs rely on Kaleido for continued innovation across the open-source and blockchain communities.

To learn more, visit us at kaleido.io

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