The Blockchain technology is designed to be secure by default as it stores important cryptocurrency transaction data. The information stored on blockchain is responsible for the execution of transactions and prevention of double spending. The bitcoin blockchain is built around the SHA-256 encryption system to secure data.
The open source nature of bitcoin technology has facilitated its adoption in sectors other than mainstream cryptocurrency. It is being used to store information other than transactions. It can be used to create irrefutable records with verifiable time stamps, which is a very important requirement for the industries and companies involved directly or indirectly in finance. Insurance is one of the industries that can benefit a lot from blockchain technology.
Insurance products have not seen many transformations since the olden days, but with the increasing usage of technology among people, the need for insurance is constantly changing. Businesses are coming up with a variety of tech-driven products and services which were never heard of in the last decade. These new-age companies are denied insurance cover for some of their products as they do not conform to the existing (outdated) insurance products. It is time for the insurance providers to adapt to the existing market and offer services relevant to the current needs instead of trying to sell the old products.
As the insurance sector works on coming up with new, workable insurance products, the use of blockchain technology has not been overlooked. An insurance company, SafeShare has recently announced their new product- a blockchain based insurance solution for the sharing economy. SafeShare for Shared Economy
SafeShare is a new-age insurance solutions provider based out of London, England. It is part of Cornerstone Insurance Brokers Limited. SafeShare specializes in insurance solutions for the new-age startups which are based on sharing economy. We all know about the […]
