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Beinsure Media: Insurance, InsurTech, Crypto Insights
Beinsure Media: Insurance, InsurTech, Crypto Insights
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Blockchain Benefits

1 post

Blockchain key benefits: Enhanced security, Greater transparency, Instant traceability, Increased efficiency and speed and Automation.

Blockchain can significantly change how your critical information is viewed. By creating a record that can’t be altered and is encrypted end-to-end, blockchain helps prevent fraud and unauthorized activity. Privacy issues can also be addressed on blockchain by anonymizing personal data and using permissions to prevent access.

Without blockchain, each organization has to keep a separate database. Because blockchain uses a distributed ledger, transactions and data are recorded identically in multiple locations. All network participants with permissioned access see the same information at the same time, providing full transparency. All transactions are immutability recorded, and are time- and date-stamped.

Traditional paper-heavy processes are time-consuming, prone to human error, and often requires third-party mediation. By streamlining these processes with blockchain, transactions can be completed faster and more efficiently.

Transactions can even be automated with “smart contracts,” which increase your efficiency and speed the process even further. Once pre-specified conditions are met, the next step in transaction or process is automatically triggered. Smart contracts reduce human intervention as well as reliance on third parties to verify that terms of a contract have been met.

How Industries Benefit from Blockchain? 6 Implementation Examples

Blockchains are typically managed by a peer-to-peer network for use as a publicly distributed ledger, where nodes collectively adhere to a protocol
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Insurance & InsurTech NEWS
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  • Insurance Europe welcomes the Data Act proposal by the European co-legislators
  • UNIQA Insurance Group premiums rose by 6.5% to EUR 1.98 bn in Q1 2023
  • Guy Carpenter acquires Israel’s reinsurance broker Re Solutions
  • RMS highlighted hurricane forecasts after Nasdaq’s Risk Modelling integration
  • Insurtech Cover Genius expands executive team: Kyle Keogh appointed as CBO
  • Rachel Turk appointed the new role of Lloyd’s Chief Underwriting Officer
  • Allianz announced new appointments for Iberia & Latin America

Florida Hurricane CAT Fund’s Losses Outlook

Florida Hurricane Catastrophe Fund’s Losses & Insurance Claims Outlook

Florida Hurricane Catastrophe Fund plays a vital role in Florida’s property-insurance system as it provides relatively low-cost reinsurance
Cyber Insurance Risks & Cyberattacs in the Russia-Ukraine War

Cyber Insurance Risks & Cyberattacs in the Russia-Ukraine War

Cyberwarfare has provided just a handful of notable skirmishes in the Russia-Ukraine War. But fears linger that the scale and frequency of digital attacks on financial targets
Insurance Economics & P&C Underwriting Objections Outlook

Insurance Economics & P&C Underwriting Objections Outlook

The P&C insurance industry has experienced challenges in recent years due, in large part, to increases in the frequency and severity of natural catastrophes
Global Reinsurance Property Catastrophe Market Outlook

Global Reinsurance Property Catastrophe Market Outlook

The past year and half have seen major changes in the global Reinsurance Property Catastrophe (CAT) market

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