Blockchain's Impact on the Insurance Industry

By Insurance CIO Outlook | Wednesday, March 13, 2019

The blockchain is transforming every industry of this world. With blockchain being introduced to the insurance industry, it has proved to provide a lot of essential variables and essential qualities like transparency, immutability, integrity, and security. The blockchain is the necessity to innovate the industry that has not seen much change in decades. Blockchain has changed how insurance is approached. It allows the clients to customize their policies to a point unheard off. As the world is faced with a variety of problems and threats, most of the industries are turning towards blockchain for solutions. This is where I-CHAIN, a glass cube product, steps in to do their work.

The I-CHAIN platform seeks to eliminate insurance crisis by setting up a conducive environment for optimizing sign-ups, launching insurance products, and mitigating business risks. The platform intends to provide transparent, fair, and affordable insurance to everybody. It will allow companies to cut cost and get access to new customers. It eliminates fraud and increases security. Blockchain equally facilitates person to person insurance as well as global reach. The technology ensures international data protection rules and regulations. Insurance companies will be able to develop and sell their insurance products on the platform by using the built-in functionality to save a large chunk of operating costs. Micro-businesses will be able to provide tailor-made services, such as a call center in a particular language or expertise in certain areas.

Check out: Top Blockchain Technology Companies

The utility token, ICHN guides the I-CHAIN environment. While a fixed number of security tokens (ICHNS) are also incorporated into the platform’s functionality, an insurance ecosystem is created that offers decentralized dividends: a system that allows participants to take advantage of the platform’s income. The utility token’s value is expected to rise continuously as the platform develops and penetrates the market, acquiring popularity and widespread adoption. There will be no issuing of new security tokens as only a limited amount of ICHNS exists. A system using ICHNS was created for sharing the profits of I-CHAIN’s to users.

The tech alone must develop further. The public transaction, where everyone has access to all of the transactions on a ledger is not feasible due to security concerns.

Key Blockchain companies: 1World Online, aXpire, Context Labs

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