Now Insurance Companies Exploring Blockchain Technology

Insurance companies often come across with fraudulent clients and lose handsome amount paying them. Blockchain technology which has carved a niche for its transparent nature, according to some experts can help insurance companies detect fraud. This is not for the first time that blockchain technology is being used to reduce corruption and crime.

Earlier, the government of Haiti decided the last year that it was going to use blockchain technology to keep the land records. It will help the officials have track of the ownership and at the same time it will be visible for all the people who owns the piece of the land. This way there won’t be corruption that has been a major issue over the years. 

Now that life insurance and financial services giant John Hancock has begun work on multiple blockchain proofs-of-concept designed to show how distributed ledger technology could reinvent established insurance industry processes, a lot of people think there is huge potential for it. It has to be seen how much success the company gets in the effort. 

Blockchain Technology has Bright Prospects in Insurance Sector 

As has been mentioned above John Hancock is going to explore blockchain technology for the first time as sees it sees the technology fit for transparency and fraud detection. Other possible applications according to the experts include fraud detection through creating a decentralized repository of customer information and policies.

Similarly, blockchain technology can be used for digital claims management through providing historical third-party transaction data. Experts are of the view that the technology can also be used for types of distribution using micro-insurance and micro-finance. Least but not the last, new kinds of products around cyber liability for security professionals also possible.

The news that helps the people and companies understand and use blockchain technology is now being covered by media. Some online portals have come up that provide exclusive coverage to the technology. The decisions by the governments and private companies to use blockchain technology tend to have great impact, people must know it. 

Needless to say providing comprehensive coverage to the events and policies regarding blockchain technology, the news sources are doing great work. Some portals like NewsBTC bring newsletters that can be subscribed for the latest blockchain technology news and events. These portals are being used for the first source for the tech news.

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