The Implications of Blockchain for the Insurance Industry

Blockchain continues to be a hot topic in the business world. Many people have heard of blockchain, but they may not completely understand what it is. In its most basic form, blockchain is a data structure that allows for the construction of a digital ledger of transactions and the sharing of such ledgers across a dispersed network of computers. 

The main advantage of blockchain is that it establishes trust between parties that share data. The data is shared in the form of a digital list of records or blocks that are encrypted. It can’t be deleted, which helps to maintain user trust. Once information is recorded, it cannot be modified without modifying all of the other records, guaranteeing safe user transactions. We can see how this might be beneficial to the insurance sector, as it ensures that data is accurate, secure, and reliable.

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