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Synechron Inc. (New York), a consultant to the insurance and financial services industries, has launched a demo version of its Blockchain Accelerator for Insurance Claims Processing on Ethereum, available on the Microsoft Azure marketplace from the week of May 22 forward. Blockchain Accelerator for Insurance Claims Processing uses smart contracts, enables auto-execution of insurance claims and payments on an authoritative data feed for reduced risk and fraud and decreased processing costs, according to Synechron.
The claims blockchain accelerator is one of three accelerator demos being made available by the vendor, the other two being the Blockchain Accelerator for Trade Finance now available on Quorum, and the Blockchain Accelerator for Smart Margin Calls now available on Corda, according to a vendor statement.
The vendor says that its Blockchain Accelerators can be rapidly deployed into the Microsoft cloud by anyone with an Azure subscription, making it easy for clients to choose a cloud-based deployment model with enterprise security in mind.
“Microsoft is building an open, ecosystem-driven platform for blockchain app development,” comments Marley Gray, Principal Architect for Azure Blockchain. “Through partners like Synechron, we’re empowering businesses to accelerate their own blockchain initiatives. We’re excited to offer these three Accelerators, which show customers what blockchain applications could potentially look like.”
Innovative Real-World Solutions
Being the first company to share working blockchain applications on Azure is a manifestation of Synechron’s fundamental motive to develop innovative, real-world solutions, comments Faisal Husain, the company’s CEO. “This week, users will be able to see how a blockchain really works and experience the different functionalities available across platforms,” he says. “We have no doubt that this will help stimulate further interest in the potential of blockchain, enabling financial services firms to accelerate their blockchain initiatives.”