TECH & AI
various sectors – such as supply chain management , digital identity verification and insurance – is gaining traction . blockchain is a structured sequence of data units , known as blocks , which are linked together through a series of connections referred to as chains . Each block within this system stores specific pieces of information , and the chains create a cohesive network that ensures these blocks are interconnected . This technology enables the creation and maintenance of a publicly accessible ledger that records transactions transparently and securely .
The court of public opinion Public opinion plays a crucial role in the rate of uptake of blockchain technology . Negative perceptions , often fuelled by high-profile legal issues and the association with cryptocurrency scandals , can significantly hinder its diffusion into industries . For instance , the collapse of FTX and the Binance trial in 2023 highlighted cryptocurrency-related crimes , leading to increased scrutiny and regulatory actions .
However there is a growing distinction between blockchain technology and cryptocurrencies : In 2024 , the focus has shifted towards leveraging blockchain for broader institutional applications . The technology ’ s potential for enhancing transparency , security , and efficiency across
So how is blockchain technology currently being used in the insurance industry ? According to a report by Accenture , Jim Bramblet , Senior Managing Director and FS Midwest Lead , writes : “ Providing a single source of truth allows friction in business processes to be drastically reduced , using solutions such as smart contracts to facilitate and automate Distributed Ledger Technology ( DLT ) networks .”
“ Data reconciliation is made easier , accuracy is improved , and time spent uncovering information is eliminated , allowing for transparency , efficiency gains and cost reductions throughout a value chain .”
“ What ’ s more , shared industry tasks and automation generate more seamless processes and lower total cycle times . The aggregate improvements in speed and accuracy can also create more positive customer experiences .”
Shaun Richards , Head of Enterprise Architecture at Towergate Insurance says : “ Blockchain technology is being used across the insurance industry to automate claims processing and payouts , reducing manual intervention and speeding up settlements .”
“ This ensures that payouts are automatically triggered based on verified claim events , eliminating the need for human oversight . By providing an immutable record of transactions , blockchain reduces fraud by maintaining
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