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In the year 2009, Blockchain was invented as an infrastructure which is decentralized that thrives to enable new formats in the currency and exchanges between an infinite number of participants. Present requirements of Blockchain include government IDs, real estate transactions, employment contracts, insurance, selling music, payroll payments, and organizing elections (Tarr, 2018). Since the year 2009, over $1 billion has been invested upon. The Blockchain recently has been focusing on the insurance industry and this is due to the potentiality in order to improve identity verifications and claims settlement amongst other use cases. The Blockchain has the potential for modernizing, streamlining and simplifying the siloed design of the financial industry. The Blockchain is constantly evolving and extending beyond cryptocurrency with new use cases constantly emerging however questions remain regarding security and recourse for users.
Insurance Use Cases InsureETH– Insurance relating to smart flight. This has resulted in the automated flight insurance payout for delayed flights and this event triggered further smart contracts. InsureETH concept was presented in London Fintech Hackathon, 2015. Civic– gets $1 million identity fraud coverage free, for life use the Blockchain technology to secure consumer data and validate their identity in real time. There are several plans in order to allow consumers to approve credit card, bank account or loan application in real time before they are open (Gatteschi et al. 2018). Dynamis– Dynamis uses disintermediation by using DApp and it is enforced into creating Ehtereum-based DAO for distributed P2P Insurance. It has also launched supplementary unemployment insurance; as a result, the small business can pay severance coverage for layoffs and resignations (Bocek et al. 2017). 1/3