The Institutes RiskStream Collaborative’s Soak Test Demonstrates That Canopy Framework Can Support U.S. Insurance Market Transaction Volumes
Soak Test Validates Platform’s Ability to Securely Handle Large-Scale First Notice of Loss and Proof of Insurance Transactions
MALVERN, Pa., February 6, 2020—The Institutes RiskStream™ Collaborative, the largest enterprise-level blockchain consortium in the risk management and insurance sector, has successfully completed a soak test of its proprietary Canopy framework. The performance test validates that the blockchain software and cloud infrastructure can handle a large volume of simultaneous member transactions.
The test successfully modelled the volume, variety, and velocity of transactions that RiskStream Collaborative members anticipate when they move to production with Canopy—including asymmetrical loads based on member market share. For this test, eleven Canopy nodes were deployed across multiple Amazon cloud regions. This network was then cycled to peak expected load levels multiple times over the course of the 12-hour test, with a final count of over 500,000 completed transactions. RiskStream Collaborative monitored the health of all nodes from a central location, verifying the manageability of the network as the soak test progressed.
“This is a monumental step for the RiskStream Collaborative, as the soak test validates Canopy’s capabilities within the insurance space,” said Christopher McDaniel, president of The Institutes RiskStream Collaborative. “We can now confirm that production-volume transactions can be securely and successfully sent and received within the Canopy framework by multiple members.”
This is the latest in a series of progressive milestones for the RiskStream Collaborative and its Canopy framework, including completion of technical production readiness for the applications in June and September 2019 and member production testing of the first notice of loss and proof of insurance applications in October 2019. Successful completion of the latest test validates the production readiness of the Canopy network and provides members with added assurance as they continue to work towards shadow production testing in their organizations in 2020.
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative, the risk management and insurance industry’s first enterprise-level blockchain consortium, is developing insurance-specific use cases via Canopy, a custom blockchain architecture. www.TheInstitutes.org/RiskStream
The RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies and open new technological frontiers.