Market Research Report
Blockchain in Insurance
|Published by||Timetric||Product code||559041|
|Published||Content info||20 Pages
Timetric's Insight Report: Blockchain in Insurance analyses how this potentially revolutionary technology is affecting the global insurance industry now, and how it could shape the industry in the future.
Blockchain is the core technology behind the bitcoin cryptocurrency. It is a digital ledger in which transactions are verified and recorded chronologically and publicly. It stores static records and dynamic transaction data without the need for central coordination, while constantly checking the validity of each transaction. A user has to be verified to be allowed into the database, and is then trusted completely once given access. Furthermore, the system is immutable by design, meaning that once a function or record is set, it cannot be undone or changed, vastly reducing the capacity for it to be tampered with.
It is essentially an intermediary with the automated ability to transact value via data, currency, records and digital assets. It is hard-coded by design, and has a smart contracts function that can be completely trusted to execute the encrypted instructions; if event a specified event occurs, for example, the system will pay a certain amount to a specific party.
Timetric's Insight Report: Blockchain in Insurance covers the following areas: