Marsh, an insurance broker and advisor, has launched a pilot of Risk Exchange, an insurance placement platform run by blockchain technology. This platform will digitize invoices, payments and documents on a blockchain to enable real-time status updates and notifications throughout the insurance placement process, according to press release.

As part of the pilot, Dow Inc. and SharkNinja will bind U.S. trade credit policies with carrier AIG and Euler Hermes, according to the release. The platform was built by a March hackathon theme and its subsidiary, Marsh Digital Labs, which focuses on blockchain and other innovative technologies.

"Digital platforms powered by blockchain are ideally suited for organizations that either generate or finance large amounts of account receivables," Nick Robson, global credit specialties leader, Marsh JLT Specialty, a subsidiary of Marsh, said in the release. "By digitizing the invoices, payments, and other trade and insurance documents of the parties involved, we can streamline the trade credit insurance placement process, drive efficiencies, and improve the overall buying experience."