The solution, developed alongside major New Zealand insurance provider Suncorp, set out to improve on the existing inefficiencies of a complicated reconciliation process wherein an individual’s payments toward an insurance company are made through a broker who sold the insurance product. Australia and New Zealand Banking Group ( ABS ) has teamed up with IBM to develop a blockchain solution for the insurance industry . New Zealand 's largest broker has completed a successful proof - of - concept using IBM blockchain software Hyperledger Fabric to enable transparent transaction processing between brokers and insurers .
Australia and New Zealand Banking Group ( ABS ) has teamed up with IBM to develop a blockchain solution for the insurance industry . New Zealand 's largest broker has completed a successful proof - of - concept using IBM blockchain software Hyperledger Fabric to enable transparent transaction processing between brokers and insurers .