Platform Example: Enterprise Blockchain (Canopy)

While RiskStream is increasingly leveraging other technologies, RiskStream’s focus began with enterprise (private permissioned) blockchain. RiskStream has worked with many technical solution providers over the years, but with Canopy 3.0 has moved to an off-the-shelf, SaaS model. Currently, RiskStream works with a blockchain business cloud provider, Kaleido, to develop and enhance an insurance-specific enterprise blockchain platform, called Canopy, and build decentralized applications on the platform that can streamline the sharing and verification of data within insurance. Canopy allows each RiskStream member to stand up blockchain-enabled nodes, which can be integrated to core systems (policy or claims systems, for example) to enable data exchange and verification for specific use cases or applications.

The Canopy framework is on its third iteration and is complete. A key component of this Canopy 3.0 framework is Hyperledger Firefly, which is open-sourced and built to allow off-chain data sharing, working with a variety of underlying enterprise blockchains. This framework also has offthe- shelf tools for privacy, digital assets that can be stood up quickly and operate with optimal security across regions. Canopy can connect to public blockchains as well.

Components of Canopy are open-sourced, which reduces license costs. RiskStream works with Kaleido on development, which is low cost since existing Web3-oriented modules, scripts and tools can be spun up easily on the platform — keeping the overall costs down. The movement to a SaaS framework/platform approach with RiskStream’s development partner (Kaleido) has allowed RiskStream to concentrate on network expansion, data standardization, application design, reducing fees for application build and run.

RiskStream’s Canopy platform is not tied to one specific enterprise blockchain or network. It’s network is based on the RiskStream consortium of member carriers, brokers and reinsurers. This network can operate with any underlying enterprise blockchain, including Quorum, Hyperledger and Corda. This flexibility, leveraging Canopy and its off-chain capabilities, allows RiskStream to develop applications very efficiently on the platform. As mentioned earlier, it can connect to public blockchains, and has also shown it can connect to other technologies via API.

Security and privacy are top of mind for carriers, brokers and reinsurers. Any blockchain solution or platform leveraged by the industry has to ensure world class security and privacy. The RiskStream Canopy platform is SOC2 and ISO certified. It leverages off-chain capabilities to ensure compliance with GDPR and CPPA, ensuring that private data is handled very rarely and when it is, is never stored on an immutable ledger.