Back then , blockchain contracts were not the norm ; now , smart contracts can provide a safer environment in which to store sensitive information and data on customers and their policies .
Although not completely fortified against breaches ( no system can ever be considered 100 % crime-proof ), blockchain is currently the most secure method in which information can be stored . Generally , blockchain ledgers can ’ t be manipulated or corrupted : they are encrypted and the data is timestamped , transparently providing a tracked record of actions . The transparency also provides evidence of potential tampering , should attempts arise . was so serious , it exposed the sensitive medical data of 80 million of its customers . The insurer was forced to pay US $ 39mn in compensation to several State Attorney Generals following just one lawsuit resulting from the breach . According to reports , the data was leached from Anthem Inc over several months , with the company eventually settling all lawsuits in 2017 . The breach cost them a hefty US $ 115mn .
How good are smart contract adoption rates ? Right now , the technology is still a relative newcomer , and as the insurance industry was initially slow to adopt digital innovations ( which were then fast-tracked by the pandemic ), smart contracts are yet to become a mainstream option .
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