Blockchain has many applications in the finance industry. Blockchain in finance is the hottest topic in the industry currently and major banks and financial organizations are researching to find ways to adapt blockchain technology especially due to its highly-desired potential to cost-save.
In the insurance industry, blockchain technology can help to stop fraudulent claims, increase the speed of claim processing, and enable transparency. Imagine a shared ledger between all insurers that can provide a quick and efficient mechanism for handling inter-company claims. Also with the convergence of IoT and blockchain, an ecosystem of smart devices can be imagined where all these things are able to negotiate and manage their own insurance policies controlled by smart contracts on the blockchain.
Blockchain can reduce the overall cost and effort required to process claims. Claims can be automatically verified and paid via smart contracts and the associated identity of the insurance...