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From YouTube: Panel: Lessons Learned from RiskStream Insurance Blockcha... Sophia Lopez, Steve Cerveny, Pat Schmid
Description
Panel: Lessons Learned from RiskStream Insurance Blockchain Consortia Over Four Years of Property and Casualty and Life and Annuity Projects - Sophia Lopez & Steve Cerveny, Kaleido; Pat Schmid, Riskstream Collaborative
Research studied the effects of instituting two personal lines auto insurance distributed ledger applications within the U.S. market and found blockchain-based collaboration targeted to save $19 million and $68 million in year one, between $60 million and $190 million in year two, and between $99 million and $277 million in year three. This session will share industry best practices and lessons learned over the last four years across consortium building and governance, reference architectures, usability, and management and operation of blockchain networks.
To learn more about Hyperledger, the open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments. Which serves as a neutral home for various distributed ledger frameworks including Hyperledger Fabric, Sawtooth, Indy, as well as tools like Hyperledger Caliper and libraries like Hyperledger Ursa click here: https://www.hyperledger.org/
Session Details & Slides (if available)- https://sched.co/j3e0
Access All Sessions: https://events.linuxfoundation.org/hyperledger-global-forum/program/schedule/
----
Hyperledger – Open Source Blockchain Technologies
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A
A
Thanks
steve,
I
think,
just
a
little
bit
sorry
to
add
about
our
backgrounds.
We
have
been
in
enterprise
blockchain
space
from
the
very
beginning,
steve
launched
one
of
the
the
world's
first
blockchain
as
a
service
platform,
and
we've
worked
with
hundreds
of
clients
had
executive
ownership
of
some
significant
advances
in
the
space
from
some
of
the
leading
vendors.
B
Sure
so,
thanks
again
for
having
me
it's
our
opinion
at
the
institutes,
we
feel
that
the
technology
behind
blockchain
and
distributed
ledger
is
network
driven
enterprise.
Usage
of
this
provides
a
means
to
work
on
shared
business
processes
or
multi-business,
multi-party
business
processes
and
challenges
associated
that
in
our
industry.
Plague
the
insurance
industry
and
add
cost,
but
it
also
in
our
opinion,
requires
for
competitors
to
get
together,
requires
a
non-partisan
switzerland
type
arbiter,
to
kind
of
bring
the
industry
together
to
test
and
learn
and
about
the
technology
and
implement
it.
B
So
the
institute's
rich
stream
collaborative
emerged
out
of
the
institutes,
which
is
a
not-for-profit
educational
entity.
It
was
formed
over
a
hundred
years
ago
out
of
the
wharton
school
and
it's
more
than
one
hundred
thousand
learners
annually.
On
generally
on
risk
management,
insurance
topics,
its
board
of
directors
include
chief
executive
officers,
who
represent
a
majority
of
domestic
insurance
premium
volume
in
pnc
and
whose
organizations
also
have
a
sizable
international
presence.
B
So
if
you
need
a
network
for
private
permissioned
or
enterprise
blockchain,
the
institute's
already
has
one
established
within
the
pnc
space
so
to
establish
the
same
type
of
arrangement
in
the
life
and
annuities
insurance
area,
the
risk
management
or
the
risk
stream
collaborative
teamed
up
with
an
organization
called
limra
risk
management,
research
and
professional
development.
Trade
association
for
the
financial
services
industry,
the
rich
stream
collaborative,
is
the
largest
which
formed
out
of
the
institutes
is
the
largest
insurance
blockchain
consortium
with
over
30
member
companies
and
a
broader
emerging
ecosystem.
B
B
So
if
it
just
just
backtracking
for
just
a
second
we're
the
largest
blockchain
consortium
with
over
30
member
companies
and
a
broader
emerging
ecosystem,
again,
our
members
include
well-known
entities
like
travelers
liberty,
mutual
nationwide,
usaa,
securian
brokers
like
marsh
truist,
aeon
and
reinsurers.
Like
everest
sri
renry,
we
are
separate
501,
c6,
not-for-profit
that
has
been
working
on
blockchain
and
dlt
application
for
the
last
few
years.
B
B
They
pretty
much
lead
all
areas
of
our
consortium's
governance
and
activity,
for
example,
the
membership
or
the
members
and
leadership
work
to
prioritize
use
cases
and
launch
working
groups
on
those
use
cases.
These
groups,
in
turn
design,
use
cases
and
then
work
with
staff
and
folks
like
collido,
to
build
out
the
associated
applications.
B
So,
while
all
of
our
efforts
at
risk
stream
have
really
centered
around
our
membership,
the
consortium,
as
demonstrated
on
this
slide,
has
started
to
create
a
larger
ecosystem
and
our
goal
is
to
position
providers.
You
know
builders,
connectors
or
enablers,
not
for
profits,
which
we
just
describe
as
kind
of
associations,
consortia
or
academia
collaborators
which
could
be
any
entity
that
touches
the
insurance
space
and
when
you
think
about
that,
that's
an
awful
lot
of
industries
that
really
touch
the
insurance
space.
B
And
then
we
define
these
as
civics,
which
are
basically
regulators,
departments
of
insurance
and
government
and
our
hope
there
is
to
really
start
to
establish
an
ecosystem.
So
that
goal
is
to
position
those
parties
to
help
consortium
members,
devise
solutions
and
shared
business
processes
across
shared
business
processes
within
the
risk
management
insurance
space.
So,
finally,.
C
B
Cases
are
our
or
decentralized
applications
for
blockchain
really
stretch
across
a
variety
of
areas
of
insurance.
For
example,
we
have
use
cases
in
personal,
auto
for
proof
of
insurance,
verification
and
firstness
of
lost
data
sharing
pieces
and
commercial
lines.
We'll
talk
a
little
bit
more
about
this
in
a
moment
on
certificates
of
insurance,
for
verification,
surety,
bonds
for
power
of
attorney
verification.
B
B
I
think
we've
been
on
quite
a
journey
within
wrist
stream.
We
worked
with
a
variety
of
different
solution
providers
across
our
journey,
which
started
really
in,
I
think,
actually
late
2016.
We
became
founding
members
of
the
enterprise
ethereum
alliance.
At
the
time
we
worked
with
consensus
in
building
out
four
proof
of
concepts.
B
Initially,
we
went
back
to
that
board
again
the
board
of
the
institutes
at
the
time
which
is
comprised
of
about
40
to
50
ceos
representing
a
large
percentage
of
the
insurance
industry,
and
they
came
back
and
they
said,
okay
build
these
four
proof
of
concepts,
but
also
show
us
that
the
industry
even
wants
to
work
together
on
this,
and
we
demonstrated
that
we
moved
forward
and
developed
a
platform
which
we
called
canopy
1.0,
which
is
a
private
permissioned
version
of
ethereum.
We
did
so
with
deloitte
built
out
a
few
applications.
B
There
we
extended
that
further
started
building
out
what
we
call
canopy
2.0,
which
was
built
around
corda.
We
worked
with
accenture
deloitte
and
ernst
young
on
a
variety
of
elements
related
to
that,
but
all
along
we
had
a
vision
of
a
blockchain
interoperable
structure
that
we
could
leverage
as
an
industry,
and
around
this
time
we
really
met
collida
and
we
recognized
the
fact
that
they
were
building
or
had
built
something
that
we
were
aiming
to
build
and
therefore
we
started
to
team
up
on
something.
B
We
call
canopy
three
and
we're
really
excited
about
it,
because
we
feel
it
fulfills
our
vision
for
blockchain
within
insurance.
It's
providing
a
low-cost
method.
That's
truly
underlying
blockchain
agnostic
to
enterprise
blockchain
canopy
was
created
to
provide
a
backbone
for
various
blockchain
or
dlt
apps
in
insurance
to
be
built
upon.
B
B
B
So
we're
work,
we're
very
excited
about
the
potential,
even
down
the
road
for
our
industry
members
to
build
their
own
use
case.
So
it's
been
a
great
teamwork.
Getting
to
this
point,
and
now
I
think
the
last
slide
that
we
have
here
on
my
side
before
I
hand
it
over
to
sophia
and
steve,
is
that
we
we're
building
applications
across
insurance,
and
this
slide
gives
you
a
good
perspective
on
that
in
personal
auto.
B
You
know
one
of
the
first
things
that
we're
all
familiar
with
is
when
we're
stopped
by
a
law
enforcement
officer
or
we're
involved
in
an
accident.
We
pull
out
our
paper
card
and
we
all
know
that
that
now
insurers
have
the
ability
to
use
applications
to
showcase
that
you're.
You
know,
you're,
you
have
proof
of
insurance.
The
problem
with
that
is
it's
not
up
to
date
and
there's
no
way
to
transmit
that
to
another
party.
B
We
built
out
a
ability
for
us
to
transmit,
after
an
accident
between
different
parties
on
our
network,
so,
for
example,
if
usaa
enters
into
their
mobile
application
nationwide
enters
into
theirs.
There's
a
potential
to
transmit
and
verify
insurance
coverage
on
the
spot,
not
only
peer-to-peer
but
also
peer-to-peer
law
enforcement
officer
and
so
on.
B
We've
also
built
out
a
first
notice
of
lost
data
sharing
application
which
allows
our
member
companies
once
they
get
notified
of
an
accident
to
enter
into
their
existing
claim
system
which
we're
using
using
guidewire
as
an
example
here
and
register
that
share
via
the
blockchain
dlt,
who
that
other
carrier
is
so,
for
example,
if
it
comes
in
to,
I,
don't
know
usaa
and
they
enter
it
into
their
guidewire
system.
It
could
and
the
other
party
involved
was
nationwide.
B
It
literally
will
populate
in
the
nationwide
claim
system,
and
there
is
reconciliation
back
and
forth
between
the
two
parties.
Therefore,
cutting
down
on
the
time
spent
on
the
phone
between
the
different
parties
trying
to
get
more
information
on
the
claim.
We've
also
built
out
applications
in
the
commercial
line,
space
and
I'll
run
through
this
very
quickly.
Surety
bonds,
which
is
an
international
effort
on
power
of
attorney
verification,
is
probably
the
lead
there
in
reinsurance,
we're
looking
into
border
reporting
and
placement
and
life
and
annuities.
B
We
work
closely
with
collido
on
a
project
called
the
mortality
monitor
which
allows
for
carriers
to
share
information
on
a
policyholder
who's
passed
away
amongst
one
another,
and
we
found
with
only
three
carriers.
Four
percent
of
the
time
there
is
overlapping,
a
policyholder
who
may
have
had
an
annuity
with
someone
like
nationwide
and
might
have
a
retirement
account,
an
individual
life
policy
or
a
group
life
policy
with
the
organization
like
securian.
B
So
that's
quite
an
amount
of
time
just
between
three
parties
and
we
anticipate
that
that
would
grow.
But,
more
importantly,
when
the
first
party
pays
there's
normally
at
least
the
60
day
on
a
median
180
day
on
an
average
day
delay
between
when
the
second
party
pays.
So
in
order
to
make
that
much
more
streamlined
beneficiary
experience,
you
should
share
the
data
between
the
different
carriers
and
we
built
a
solution
to
do
that.
And
also
incentivize
it
using
tokens.
A
B
That's
a
great
question:
I
think
that
the
you
know
the
pandemic
has
certainly
affected
the
insurance
industry.
Digital
transformation
was
very
important,
pre
and
post
pandemic.
For
example,
there
was
an
organization
in
the
insurance
space
called
am
best
that
was
coming
out
within
their
credit
rating
agency
coming
out
with
an
innovation
rating,
so
that
was
happening.
B
I
feel
like
it's
not
undeniable,
that
you
know
the
pandemic
and
the
associated
policies
afterwards
have
expedited
some
of
the
change.
I
mean:
we've
all
been
working
from
home,
so
the
pandemic
response
kind
of
led
to
declines
in
driving
and
many
other
areas
that
affected
insurance
for
sure,
but,
moreover,
the
the
broad
access
to
the
internet,
the
work
from
home
tools
allowed
insurance
workers
to
work
from
home
and
maintain
connection
to
company
systems
through
cloud-related
services
and
other
technologies
that
allow
for
continuation
of
business
and
reasonable
security
and
for
some
companies.
B
I
think
that
really
started
to
you
know.
You
know
really
underscore
the
value
in
a
digital
roadmap.
You
know,
but
not
only
a
data.
You
know
internal
data
policy,
but
also
start
to
formulate.
What's
your
external
data
strategy
so
for
com,
some
companies,
I
think
the
digital
roadmap
was
somewhat
paused
because
of
the
pandemic,
but
for
others
I
think
it
actually
expedited
the
need
to
move
forward
and
faster,
and
you
know,
given
the
online
automated
involved
environment,
that
we
were
all
operating
within
so
on
net.
B
B
A
B
I
think
that
you
know
listening
to
the
market
is,
is
very
relevant
for
us.
We've
really
tried
to
grade
use
cases
on
desirability
feasibility
and
viability
and
look
into
where
use
cases
can
work.
Another
thing
that
we've
done
internally
is
develop,
something
we
call
risk
stream
labs
which
allows
us
to
move
through
use
cases
and
see
if
there's
market
interest,
because
it's
really
hard
to
know
in
advance
before
you
start
kind
of
working
groups
how
relevant
the
use
case
is
going
to
be
and
what
the
potential
roi
is.
A
Pat,
I
think
that's
extremely
helpful
for
people
thanks
for
sharing,
I
guess
just
transitioning
to
some
of
the
technical
lessons
learned.
We've
worked
across
all
industries
with
the
leading
blockchain
networks
and
consortia.
One
common
pattern
we
see
is
that
people
embark
on
a
blockchain
project,
but
about
five
to
ten
percent
is
the
the
actual
blockchain.
A
You
know
the
data
on
the
chain,
the
logic
on
the
chain
and
it's
a
very
important
part
of
the
solution.
It's
what
provides
a
decentralization,
a
lot
of
the
benefits
people
are
looking
for,
but
typical
projects
have
up
to
40
components
on
the
off
chain
stack
and
you
know
looking
at
the
apps
and
middleware
layers.
A
Let
everyone
know
that
pat
mentioned
that
was
important
for
their
members,
because
they're
looking
at
a
variety
of
two
dozen
use
cases
across
all
of
these.
You
know
protocols
and
I
want
to
provide
that
flexibility
and
choice.
So
you
can
get
to
the
right
use
case
and
the
right
of
the
business
value
they're.
Looking
for
looking
at
solving
the
problem
of
bringing
consortia
together
really
drove
a
certain.
You
know:
data
model
tendency
model
and
a
lot
of
choices
from
the
ground
up.
A
So
you
get
all
of
those
tools
and-
and
that
includes
for
network
operators
such
as
wrist
stream,
just
that
multi-party
platform
and
providing
a
control,
plane
data
plane
and
where
members
you
know
own
their
resources
and
and
those
are
all
private
and
isolated.
So
there's
a
variety
of
plug-and-play
components.
You
need,
you
know
and
the
way
the
on
and
off
chain
pieces
come
together
is
extremely
important.
We've
learned
a
lot
we've
actually,
as
I
mentioned
in
the
intro,
been
in
the
enterprise
blockchain
space
since
the
very
beginning
2015.
C
Sophia,
you
know
in
transitioning,
you
know
at
quite
a
we.
We
have
a
deep
commitment
to
open
source
communities.
We
think
the
end
value
for
for
our
customers
is,
is
tremendous
and,
and
so
we
we
we've
been
very
active
over
our
entire
existence.
You
know
in
some
of
these
awesome
projects
that
are
out
there
and
that
spans
across
blockchain
protocols,
as
well
as
some
of
the
emerging
off-chain
technologies.
You
know
standards,
work
around
tokens
and
other
things
I
wanted
to
spend.
C
You
know
just
the
last
couple
minutes
to
let
you
know
that.
There's
something
really
exciting.
That's
being
announced
this
week
at
the
hyperledger
global
forum
and
that's
a
new
emerging
initiative
called
firefly
and
sofia.
If
you
move
on,
I
believe-
and
I
may
be
a
little
bit
biased
because
we're
quite
involved
in
in
this
new
project,
but
we
believe
that
that
firefly
really
helps
solve
some
missing
pieces
in
the
puzzle
that
have
been
really
difficult.
C
On
on
that,
we
we
see,
there's
a
certain
amount
of
plumbing
right
for
a
plumbing
for
lack
of
a
better
term
that
all
blockchain
networks
need
to
build
really
as
a
side
effect
of
trying
to
go,
build
your
use
cases
and
and
that
plumbing
exists
around
the
chain
sophia.
You
were
talking
about
how
you
know
those
40
components.
Most
of
them
are
not
the
blockchain
they're,
alongside
on
top,
sometimes
underneath
of
the
blockchain
things
like
getting
events,
triggering
events
and
triggering
actions
and
thinking
about
business
processes.
C
That's
not
you
know
those
low-level
blockchain
protocol
type
interfaces,
it's
a
very
simple
api
that
spans
across
off-chain
and
on-chain
components,
and
then
there
are
a
set
of
infrastructure
run
times
that
that
again
is
broader
than
the
blockchain
itself
that
are
companion
to
to
the
running
blockchain,
and
so
all
of
that
together
gives
you
a
system
to
to
build
upon
that.
That
takes
a
lot
of
that
plumbing
that
the
nasty
plumbing
that's
sort
of
almost
like
a
dirty
secret
in
our
space
on
the
technical
side
of
you
know
an
unforeseen
challenge.
C
Take
that
takes
that
off
the
table,
and
can
it
really
accelerate?
You
know
building
out
of
your
use
cases
if
you,
if
you
go
on
again
sophia
zooming
in
a
little
bit
to
the
the
firefly
node,
and
this
this
code
is,
is
out
there
it
in
the
hyper
ledger
community
and-
and
you
can
go
check
it
out
yourself
and
sort
of
read
up
on
on
the
docs.
There's
a
lot
of
excitement
about
this
project.
I
think
folks
have
been
talking
about
the
gaps
and
the
need
for
this.
C
For
some
time,
we've
heard
from
some
of
the
the
in
fact
for
some
of
the
tech
steering
committee
members
of
hyperledger
itself.
If
that
was
the
case,
but
but
looking
quickly
under
the
hood,
you
know
there.
There
are
a
number
of
components
that
are
designed
in
a
wiper,
microservice
architecture,
very
easy
to
to
run
infrastructure.
C
C
There's
a
second
layer
of
connectors
and
the
community
is,
is
mobilizing
around
these
connectors
and
we're
starting
to
see,
even
just
just
launching
this
project
today,
publicly
already
seeing
folks
coming
forward
interested
in
helping
to
contribute
connectors
into
their
infrastructure
runtimes.
Of
course,
the
blockchain
node
is
an
important
infrastructure
runtime.
C
It's
still
there
front
and
center
providing
global
ordering
finality
a
lot
of
the
core
values
of
a
blockchain,
but
firefly
is
sort
of
providing
the
larger
piece.
So
if
you
want
to
learn
more,
there
is-
and
I
was
just
mentioning
that
that
firefly
is
designed
to
be
multi-protocol
as
well,
for
that
that
running
a
blockchain.
C
If
you
want
to
learn
more
about
firefly,
I
I
do
want
to
to
say
that
you
can
there's
there's
an
entire
half
day
event
on
this
friday
and
there's
there's
a
link
there.
Where
you
can
see
the
agenda,
you
can
come,
there's
a
hands-on
lab,
there's
a
tech
overview
where
you
can
really
go,
go
deep,
there's
also
a
keynote
that
explains
a
bit
more
of
the
context
and
and
the
backstory,
as
well
as
the
the
opportunity
that
firefly
presents
for
you.
C
So
so
it's
really
good
there's
something
for
for
everyone.
There
you
can,
you
can
get
to
it
through
the
hyperledger
global
forum
webpage
itself,
I'm
pasting
up
a
link
and
you
can
you
can
click
through
there?
Your
participation
is
is
a
part
of
the
global
forum
itself,
so
you
can
join
through
seamlessly,
there's
also
a
direct
url
that
we
have
up
on
the
screen
here
with
with
the
agenda
really
looking
forward
to
any
and
all
folks
who
can
make
it
out.
A
Pat
and
steve,
I
know
we
did
have
a
question.
I
think
we
have
about
maybe
a
minute
left
if
it
makes
sense
to
to
answer
some
of
the
questions.
So
steve
eduardo
asked
is
firefly
an
alternative
to
blockchain
and
then
lino
you're
asking
if
collido
can
provide
a
hybrid
network
out
of
the
box
or
is
accomplished
to
consulting
it
is
for
lino's
an
easy
one.
Yes,
you
can
create
that
out
of
the
box,
it's
it's
actual
product.
A
C
C
Clydo
also
has
that
through
what
we
call
private
stack
technology,
so
some
members
can
run
self-hosted,
node
anywhere
and
securely
connect
in
with
the
rest
of
the
members
that
are
hosted
the
sas
on
on
on
firefly.
It's
not
an
alternative
to
blockchain,
so
there
is
a
blockchain
in
the
box.
It's
we
support.
The
intention
is
to
support
all
the
big
three,
but
you
do
need
to
select
as
as
your
bootstrapping
config.
As
you
start
up
a
firefly
node.
You
need
to
select
a
blockchain
protocol
and
it's
just
there.
C
It's
it's
running,
so
the
complexity
of
interacting
with
it
is
abstracted
away
from
you
and,
as
pat,
was
saying
really
interesting
to
some
of
the
leading
blockchain
networks
out
there.
The
ability
to
either
move
from
one
protocol
to
the
other
is
drastically
simpler,
but
also
the
ability
to
have
multiple
networks,
running
side
by
side
for
different
use
cases
implemented
on
on
different
technologies.
C
So
firefly
relies
on
on
the
blockchain
for
for
key
integrity.
You
know
elements
of
of
the
data
flows
in
the
data
exchanges.
It
just
brings
along
a
lot
of
the
plumbing
that
we
see
folks
reinventing
the
wheel
over
and
over
again
in
the
industry
to
do
things
like
off-chain.
You
know
private
data
exchanges,
messaging
event,
synchrony
synchronization
and
so
on.
So
it's
it's
that
bigger
system
sort
of
sitting
on
top
of
the
blockchain.