The strategic business value of blockchain in Insurance Industry

Core technology leverages of blockchain

  • Decentralization: not controlled by a central authority, but contributed, validated and controlled by multiple entities; individual fully controls and decides which data and to whom they want share with.
  • Immutability: It has the linear feature: new block is validated and added to the “end” of the previous block, building “chain” of data.
  • Security: using cryptography to achieve data security, essentially the hash function to validate transactions; to one specific input data, there is only one fixed output (hash). This means that it’s nearly impossible to change input data without leaving the trace.
  • Transparency: the blockchain database is open to every network users. They have the ability to access, view, read, and write their contents and relevant details (access ability based on which type of blockchain platform are being used).

The strategic business value of blockchain: Use case

Blockchain in Insurance industry

1. Reduce fraud and abuse

2. Speed up process

3. Increase customer interaction and trust

  • Insurance companies can use this data to analyze customer behaviors. After knowing customer habits and health histories, it’s easier for companies to bring more new ideas to provide better services and get their engagement and loyalty.
  • To customers, if they know what’s happening to their information and required procedure, they’ll proactively know what to do and give more trust.

4. Cost deduction and more revenue

The akaChain blockchain platform




The Permissioned Business Blockchain for Enterprises

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

So first we present xinfin network for newbies XinFin is a hybrid blockchain platform that is…

How is Blockchain ushering a revolution in the supply chain industry

Professor Syren Johnstone Q&A: Paper 3 “Inhabiting Different Realities: Incrementalism, Paradigms…

Digital Identity, Nirvana or Nightmare?

Morpheus Labs Supported PwC in Developing A Smart Compliance Application To Help Staff Focus on…

Industries using Blockchain for a complete makeover

Top 6 Issues in the Procurement Process and How Blockchain can Resolve Them

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store

The Permissioned Business Blockchain for Enterprises

More from Medium

Schwarzman Scholarship Application Advice

NFL Taps Mythical Games for First Play-to-Earn Venture

DIY Smart Blinds — Part 1

Global Governance and Investment Citizenship Firms