PwC has created a working blockchain prototype for the London Market Target Operating Model (TOM) Innovation Exchange, as it seeks to use the tech for payments in the specialist insurance market.

Completed over a six-week period, the proof of concept (PoC) focuses on “enhancing” interactions between multiple different London Market parties involved in a claims process (third party administrators, claims approvers and brokers).

Steve Webb, financial services blockchain leader at PwC, says it shows the “potential for efficiency and the elimination of error and duplicated information” and how blockchain can “reduce costs and speed up the claims process in the London Market”.

As part of the trial, various parties were given different roles and permissions to view data. Smart contracts were used to automatically approve claims which met pre-agreed conditions. With rules in place that all parties have agreed, “certain claims approvals can occur automatically”.

The PoC was developed by PwC’s blockchain team in Belfast, Northern Ireland, which comprises 25 blockchain engineers.