Member-only story
Blockchain and the Insurance Industry
Blockchain technology has seen a lot of hype in recent times. That said, what started it all was Bitcoin, the first cryptocurrency that launched in 2009. Since then, blockchain use in the cryptocurrency space has witnessed many innovations. Cryptocurrencies that launched after Bitcoin not only adopted its technology but added many layers to it. Ethereum, for instance, was the first to introduce smart contracts into the mix. So, what followed was a myriad of blockchain networks adding smart contracts to their own platforms. All of this brought cryptocurrencies to the mainstream, where the public was made even more aware of their potential. Still, many do not understand what blockchains essentially are. At its core, a blockchain is a distributed public ledger that records information. With that distributive nature, blockchains are tamper-proof and have showcased potential applications in a variety of sectors. Hence, there are many sectors that can benefit from blockchain adoption, with insurance being one of them.
Use Cases
As mentioned previously, blockchains have the benefit of immutability, as tampering with a single ledger would entail nothing, since hackers would have to tamper with more than half of the ledgers to have any success. This would not only be an arduous task, but it would also be highly impractical since such a task would not likely go unnoticed. Hence, this immutability offers a secure record of transactions, and it also showcases a valuable…
