Disruptive Blockchain Technology in Insurance Industry
Keywords:
Blockchain, Insurance Industry, Technology DisruptionAbstract
This exploratory qualitative research aims to study the application of Blockchain Technology to increase management efficiency in insurance industry by following a well-documented research methodology. It began by highlighting the significance of utilizing Blockchain technology for handling massive databases in the insurance business. Blockchain technology is a type of decentralized storage. The data is transmitted to all network devices and then structured in order to create the data that is saved in the system. As a result, it appears to be difficult to change, edit, or delete. Furthermore, there has been a resurgence of interest in using Blockchain technology for data storage in the insurance industry. The precision, transparency, and ability to trace data back are all advantages of Blockchain technology. Simultaneously, data access, disclosure, or access conditions that respond to particular data protection rules as well as an overview of the insurance business can be set. Although Blockchain is being used to speed up processes and cut costs in terms of contract monitoring, payment, and risk assessment, it has the potential to alter the insurance sector in the future. Last but not least, this article will not only provide a knowledge of Blockchain technology in the insurance industry, but it will also assist scholars to comprehend the significance of Blockchain, which will revolutionize the financial and insurance systems in the next episode.
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