MetLife has joined the R3 consortium, which iterates on blockchain technology. The move was first reported by the International Business Times (IBTimes).

MetLife will partner with R3 members to explore how blockchain technology can be leveraged in an insurance environment to streamline activities such as new investments management, business processing, policy administration, customer payments and distribution of proceeds, according to a statement.

Among the consortium's early products is Corda, a distributed ledger platform for recording and processing financial agreements.

"The addition of a major insurance player such as MetLife is testament to the growing interest in distributed ledger technology amongs the non-bank financial services community," says R3 CEO David Rutter, according to IBTimes.

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