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The Linux Foundation, the nonprofit technology consortium that supports the Linux operating system, is backing a new blockchain-based project for the insurance industry.
On Monday, the foundation announced the launch of the Open Insurance Data Link platform, a project that aims to reduce the cost of insurance reporting and create a standardized insurance data repository using distributed ledger technology.
OpenIDL is a joint initiative of the Linux Foundation and the American Association of Insurance Services, a national insurance advisory organization in the United States. The open-source project brings together major global insurance firms like The Hanover and Selective Insurance Group, as well as technology and service providers like MOBI, Chainyard and KatRisk to participate in a common DLT platform to share data and business processes in the insurance industry.