When it comes to blockchain consortia, it appears most people can only name one or two. The R3 consortium is the best-known name right now, although there is also a consortium of Japanese banks exploring blockchain technology.
Over in Europe, there is the B3i consortium, which stands for Blockchain Insurance Industry Initiative. It’s an interesting creation, considering Europe isn’t necessarily a hotbed for either blockchain or cryptocurrency right now.
Although most people will always doubt the concept of blockchain consortia working on private ledgers, there are some valid opportunities waiting to be explored.
Last year, a couple of major European insurance and reinsurance providers set up their own blockchain consortium, which is known as B3i. It’s an interesting venture, especially when considering how Europe is a relatively quiet market when it comes to cryptocurrency and blockchain these days.