US tech giant IBM is making multiple salvos this week, targeting both the blockchain and the insurance industries. The IT service giant announced a new cloud-based insurance platform and also joined the fast-growing blockchain identity consortium.

According to Business Insurance, the Armonk-based company announced plans to build a new cloud-based insurance platform that is designed specifically for the insurance market. And it’s not the insurance industry that we’re talking here, IBM also making big steps in the fast-growing blockchain technology.

Big Blue targets the insurance industry

As reported earlier by Business Insurance, Big Blue this week announced plans to collaborate with some of the biggest names on the insurance market, MetLife, and Majesco. Based in New York, MetLife is one of the world’s leading financial services companies and one of the biggest providers of annuities, insurance, and employee benefit programs. It claims to have over 90 million customers and operates in more than 40 countries. Majesco, on the other hand, is a multinational provider of insurance technology software, providing software technology, IT services, and consulting services.

The two will collaborate with IBM in developing the new cloud-based insurance platform, which aimed to improve the insurance processes and simplify customer experience.

The said platform will be built using Big Blue’s premier cloud computing service, IBM Cloud.

The new IBM Insurance Platform will feature a good combination of key technologies (data analytics, cognitive computing, and security capabilities) designed specifically for the insurance industry. The new system will be delivered as a service and will help companies expand their service offerings and acquire new customers.

Big Blue to get a huge presence in the blockchain industry

The IT giant this week announced plans to join the Decentralized Identity Foundation, a huge consortium founded to support interoperability and standards on the blockchain-based ID systems, according to CoinDesk.

IBM is not the only US tech giant that has joined the blockchain bandwagon.

Other corporate behemoths like Accenture and Microsoft have also joined the huge consortium. In addition to tech giants, startups and open source projects have also joined the consortium. The move represents the company’s latest step in its bid to have a huge presence in the blockchain space.

Other tech-related stories

In other tech-related news, Enterprise software giant Oracle has just announced that it has named IBM as it latest HR Business Process Outsourcing (BPO) provider. The IT service giant is no longer stranger to Oracle. The two tech behemoths have already worked together in the past. Big Blue was a diamond partner of Oracle and also a Cloud Elite partner, according to Enterprise Times.

The news is a big win for both companies. Big Blue is expected to bring lots of technical benefits in the said partnership. One potential big benefit is the cognitive computing capabilities that IBM currently offers in its Watson platform. Big Blue will also help Oracle migrate customers to the Oracle HCM Cloud. For IBM, it's a means fresh market and good business. This will give the company a huge business opportunity to offer their BPO services to Oracle HCM customers. More importantly, it will give Big Blue access to Oracle’s pool of enterprise customers, a potential cash cow for the IT service giant.