Thanks to Blockchain technology, the insurance industry is being dragged into the 21st century as more companies attempting to use blockchain to introduce transformative force to the antiquated industry.
As one of the oldest industries in the world, it goes without doubt, that there will be lots of challenges in the transformation especially the legal and regulatory hurdles, but there are ample benefits in the marriage of blockchain technology and insurance to make it an inevitable trend such as the use of smart contracts, minimal fraudulent practices, faster way of handling and verifying claims, and a new ledger distribution system that will influence the way they operate among many other positives. Some promising insurance companies making waves with blockchain technology are:
Disclaimer: The purpose of this list is not to pick the ” best ” cryptocurrency. The fundamental purpose of this list is to encourage community engagement and intellectual debate among the supporters of different cryptocurrency projects. We provide a third-party platform that hopefully makes people think. Too many times people are blinded by the community enthusiasm in official social media channels of individual projects and fail to see through the veil. By bringing supporters of different projects together, we hope to unravel the actual value and sentiment of each project via civilized debates. p.s. Nothing in this article should be treated as financial advice.
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