Yesterday, Stratumn, a leading provider of consortium blockchain technologies, announced the completion of a project fulfilled under the tutelage of the French Federation of Insurers (FFA) and connecting 14 French insurance companies. The project received professional support from consulting firm Deloitte.

The project is the most advanced in Europe and ties together inter-insurers’ information flows in order to comply with the recent Hamon Law regulating consumer mobility. Stratumn’s technological base – blockchain and cryptography – is the pillar to this pioneer project currently in its testing phase. Stratum’s blockchain will ensure shared and secure data repository to all stakeholders while reducing dependency on trusted third parties, whereas the cryptography technology will guarantees privacy and confidentiality of all processed data.

At the same time, Stratumn is applying its expertise to palliate consumer data compliancy matters raised by the upcoming GDPR.

Richard Caetano, Co-founder and CEO of Stratumn stated: “We are particularly excited to work alongside the FFA and the 26 members of its Digital Commission on this milestone project. It surely is a major moment in Stratumn’s history as we will deploy our Proof of Process technology on a large-scale experimentation involving 14 insurance companies, but it is especially an important moment in the insurance sector as the launch of this Proof of Concept marks the first concrete sector-wide blockchain initiative. We strongly believe that this technology, coupled with advanced cryptography techniques, can help streamline inter-enterprise processes to benefit all involved parties.”