PwC successfully completed blockchain PoC, using multi-chain platform to create blockchain real-time audit process

PricewaterhouseCoopers (PwC) has released details of its new blockchain proof-of-concept (PoC), which it says has successfully created a real-time audit process for policy making in the wholesale insurance market.

The professional services firm launched the project earlier this summer in partnership with think tank Z/Yen's Long Finance project, which it describes as a 'high-level policy placement stream' that will allow people to redefine the way potential clients approach policies.

In the proposed network itself, node participants include insurers, agents, and regulators. PwC used the multi-chain platform developed by Coin Sciences as the basis for this PoC.

“Insurers can browse policies on the blockchain and provide quotes to support the risks of a particular policy, and agents can choose to accept or reject those quotes. This communication and negotiation between all parties occurs on the blockchain. When a policy is fully supported, a formal insurance contract is created and shared on the blockchain,” the project report details.

The release also includes a project design diagram showing insurer, agent and regulator nodes connected to the conceptual network.

PwC said the test provided insight into how blockchain applications could help reduce physical documentation, simplify regulatory reporting structures and create an essentially real-time audit trail.

The project is just one of many application tests being conducted within the professional services industry and the wider financial sector.

Over the past year and a half, a number of proof-of-concept projects have emerged, ranging from fantasy sports stock markets to blockchain-based banks.