Can blockchain be used in insurance?

Well-established and valuable as it is, the insurance industry still has plenty of problems — including inefficiency, fraud, human error and, most concerning of all, cyber attacks. With blockchain technology, though, insurance systems can be made more stable and secure. How Is Blockchain Used in Insurance?

How does Deloitte use blockchain to protect health and life insurance?

After conducting a health and life insurance study, the company found it can use blockchain technology to protect health records, complete agreements via smart contracts and detect fraudulent claims. As a result, insurance entities can adopt Deloitte’s blockchain strategies to nurture stronger relationships with patients and customers.

What is blockchain and how does it work?

Blockchain is a distributed database system in which transactions and records can be signed, exchanged and verified without the control of a central party. This secure, open means of conducting business transactions creates a level of transparency, security and trust not previously possible.