Blockchain technology company, The Bitfury Group, and Risk Cooperative, an insurance advisory firm, announced on Friday that they have entered into what they termed “a strategic partnership” to pioneer Blockchain applications in the $60 billion insurance intermediation market.

The Bitfury Risk Cooperative partnership will leverage Bitfury’s expertise in designing and implementing full scale Blockchain applications across a wide range of sectors and Risk Cooperative’s comprehensive insurance placement platform and partnership model with the world’s leading insurers to spur adoption of Blockchain solutions, said Bitfury.

Bitfury and Risk Cooperative believe that Blockchain is a foundational technology in designing new levels of access that can help improve insurance company risk appetite, customer proximity and trust, according to Bitfury.

“With Bitfury as a strategic partner, combined with our commitment to innovation and improving resilience, we are confident that we can serve as first movers in driving Blockchain’s adoption across the entire insurance value chain. This is no small feat, but with Bitfury’s strategic and operational leadership in Blockchain technology, we can be bold in our advance,” said Dante Disparte, Risk Cooperative’s founder and CEO.

“Blockchain technology can bring transparency and security to the insurance industry, and can be a catalyst for new insurance business models,” said Valery Vavilov, CEO of The Bitfury Group.