Disrupting Insurance Industry Using Blockchain

Meduri, Pridhvi Krishna; Mehta, Somesh; Joshi, Kartik; Rane, Sagar S.

doi:10.1007/978-3-030-03146-6_124

Cited by 5 publications

(3 citation statements)

References 4 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Blockchain technology, coupled with IoT, has the potential to revolutionize the insurance industry by penetrating various verticals [3]. In the realm of term insurance, blockchain-based decentralized death registration and funeral processes have the potential to streamline records for government agencies and beneficiaries through the use of event-based smart contracts [4].…”

Section: B Blockchain Penetration In Various Types Of Insurancementioning

confidence: 99%

A Framework for Platform-Agnostic Blockchain and IoT Based Insurance System

Guruprakash,

Tokmakov,

Krithika

et al. 2024

IEEE Access

View full text Add to dashboard Cite

Blockchain technology has the potential to revolutionize the insurance industry by bringing unprecedented levels of transparency, security and autonomous continuity. By leveraging this technology, insurance companies can streamline their processes, reduce costs, and provide better services to their customers. The proposed framework represents a significant step forward in the industry's evolution, with the potential to create a more efficient and effective insurance ecosystem for all stakeholders involved. This framework offers a new and innovative approach to addresses many of the challenges associated with traditional processes in the insurance applications. By utilizing Blockchain and Internet of Things (IoT) technologies, the framework aims to provide greater transparency, security, efficiency and real-time data decision ultimately leading to an improved customer experience. The accomplished work serves as a foundation for further research and development in the field of blockchain-based insurance applications, with the goal of designing a lightweight, platform-agnostic, auditable, real-time and provable solution. INDEX TERMS Blockchain , Insurance I. INTRODUCTIONB LOCKCHAIN technology, at its core, is a distributed ledger that stores and shares data among peers. This decentralized system groups data into "blocks," which must be verified by consensus within the ecosystem before becoming valid and authentic Fig. 1. In a conventional blockchain, special nodes called "miners" validate the transactions that comprise the blocks, with incentives provided through native cryptocurrency or other mechanisms. Once validated, blocks are permanently added to the chain. Blockchain users possess unique public and private keys that, when combined, serve to authenticate their identity [1].

show abstract

Section: B Blockchain Penetration In Various Types Of Insurancementioning

confidence: 99%

A Framework for Platform-Agnostic Blockchain and IoT Based Insurance System

Guruprakash,

Tokmakov,

Krithika

et al. 2024

IEEE Access

View full text Add to dashboard Cite

show abstract

“…According to [91], the following are the general blockchain benefits in insurance. Event-triggered smart contracts, increased back-end efficiency, disintermediation, better pricing, and risk assessment, new types of insurance, and reaching the underserved Blockchain-based applications can be very valuable to all insurance companies -travel, agriculture, Assets, medical Insurance, because of the inherent facility to provide long-lasting strategic benefits in terms of lowering operational costs by reducing or eliminating overlapping processes, enhancing automation, reducing counterparty risks and providing secure, transparent and decentralized transactions [114].…”

Section: B Implementation Of Blockchain In Insurancementioning

confidence: 99%

“…The author in [114] designed a blockchain-based system that supports quick insurance claim processing. Insurance claim processing can be very tedious, time demanding, inefficient, and susceptible to human errors especially where validation is done through paperwork processes [115,116].…”

Section: ) Claim Submission and Processingmentioning

confidence: 99%

Blockchain in Insurance: Exploratory Analysis of Prospects and Threats

Amponsah¹,

Adekoya²,

Weyori³

2021

IJACSA

View full text Add to dashboard Cite

Ever since the first generation of blockchain technology became very successful and the FinTech enormously benefited from it with the advent of cryptocurrency, the second and third generations championed by Ethereum and Hyperledger have explored the extension of blockchain in other domains like IoT, supply chain management, healthcare, business, privacy, and data management. A field as huge as the insurance industry has been underrepresented in literature. Therefore, this paper presents how investments in blockchain technology can profit the insurance industry. We discuss the basics of blockchain technology, popular platforms in use today, and provide a simple theoretical explanation of the insurance sub-processes which blockchain can mutate positively. We also discuss hurdles to be crossed to fully implement blockchain solutions in the insurance domain.

show abstract

Exploring the Impact of Blockchain Technology on Branding in the Luxury Spa Tourism Industry

Coita,

Trip

2024

Strategic Innovative Marketing and Tourism

View full text Add to dashboard Cite

In the world of luxury spa tourism, brands offer unique value propositions that make a spa different from all the others. Luxury spas should use technology to attract guests, such as integrating blockchain technology to enhance brand trust and authenticity. Blockchain technology can influence branding by enhancing trust, improving loyalty programs, and addressing trust issues in the digital space. It can make the luxury spa tourism industry more efficient, transparent, and trustworthy. It can also help spas better meet their customers’ needs and attract new customers worldwide. A systematic review of the pertinent academic literature was undertaken to delineate the constituent components arising from the integration of blockchain technology and their prospective impact on branding within the luxury spa tourism domain. This comprehensive analysis encompassed scrutiny of 50 scholarly articles focused on the application of blockchain technology in tourism. Through a rigorous examination of this corpus, 24 recurrent facets were identified, having the potential to mold the landscape of branding in the luxury spa hospitality industry.

show abstract

Disrupting Insurance Industry Using Blockchain

Cited by 5 publications

References 4 publications

A Framework for Platform-Agnostic Blockchain and IoT Based Insurance System

A Framework for Platform-Agnostic Blockchain and IoT Based Insurance System

Blockchain in Insurance: Exploratory Analysis of Prospects and Threats

Exploring the Impact of Blockchain Technology on Branding in the Luxury Spa Tourism Industry

Contact Info

Product

Resources

About