Blockchain: The Future of Insurance

Abstract

Insurance is a big financial market with a high-risk high-gain margin. But the insurance system existing in the current scenario has a lot of dependencies both on the Insurance provider as well as the consumer. With its distributed ledger, smart contracts, and non-repudiation capabilities, blockchain is revolutionizing the way financial organizations do business, and the insurance industry is no exception. Through blockchain this system can be optimized to reduce costs and the middlemen dependency involved, by managing information in a smarter way. The main idea is to establish a peer to peer system of consensus for claiming insurance without the hassle of involving insurance surveyors or other non-involved parties.