The Role Played by Blockchain Computing Premium Payments and Creating New Markets

Abstract

Blockchain is an innovative technology that offers numerous advantages over centralised systems. For example, the Ethereum blockchain does not suffer from a single-machine breakdown. It eliminates the need for a trusted intermediary since the consensus process ensures confidence, saving both cost and money. Combining digital currencies with blockchain allows for the faster processing of transactions. Data integrity and encryption, once again, safeguard blockchain. As a result, it is often regarded as the most significant breakthrough since the internet. Many corporate apps are attempting to leverage blockchain to benefit from its benefits. One of them is the insurance industry, as the current system is plagued by fraud, the difficulty of managing paperwork, and the time-consuming nature of provides a systematic way. This chapter also reveals measure criteria to compute premium payments, build new health insurance, and create a new market for used car sales.