Insurance-broking and risk-management company Marsh is working with data security firm Evident to build a blockchain-based verification solution for companies in the sharing and gig economies.
Evident, recently acquired by Palo Alto Networks, has developed an Identify Assurance Platform that allows businesses to conduct comprehensive and accurate verifications without handling sensitive personal data. Marsh will work with Evident to extend its commercial blockchain solution and convert certificates of insurance into immutable digital records that can be used to quickly verify information.
Built on the IBM Blockchain Platform and open source Hyperledger Fabric, with input from insurance standards business ACORD, Marsh announced its commercial blockchain for proof of insurance earlier this year. The recently announced collaboration with Evident marks an expansion of Marsh’s blockchain’s capabilities and ambitions.
Sastry Durvasula, Chief Digital, Data and Analytics Officer at Marsh, said that the beauty of blockchain technology is its ability to provide trust, efficiency, and security across ecosystems. As the need for insurance and identity verification grows, our collaboration with Evident harnesses the power of blockchain to transform a major business challenge for the sharing and gig economies.”
David Thomas, CEO of Evident, said that “verification and validation cause significant friction in the sharing economy. Solving this challenge requires a solution that brings together trusted information from several parties. Integration of our platform’s identity verification capabilities with Marsh’s blockchain will streamline the onboarding of gig workers and offer an unparalleled ability to verify key information, all while ensuring our customers minimize their exposure to their data.”