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Using DLT More Conveniently & Reducing Operations Costs – Linux Foundation.

The Linux Foundation along with the AAIS [American Association of Insurance Services] have teamed up to make a platform for insurance carriers using DLT [Distributed Ledger Technology].

In line with an official update on Monday, the Open Insurance Data Link [openIDL] platform seeks to offer a uniform data repository to ease regulatory reporting & reduce costs associated.

The move will aim to propel a standard distributed ledger for sharing information & business processes within the insurance environment. Alongside cutting costs, the project aims to provide a “connection point” for third parties to deliver apps to its members, consistent with the new release.

Some of the world’s leading insurance firms along with The Hanover and Selective Insurance Group as well as technology and repair providers Chainyard, KatRisk, and MOBI will also be involved, the foundation explained.

The foundation outlined that the project’s first use case will tackle regulatory reporting within the P&C [Property and Casualty] insurance industry also referred to as general insurance. Sectors beyond P&C are expected to be supported “in the approaching months.”

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