We are used to have insurance for our health, family, and car loans, but the multi-billion-dollar insurance industry also covers many other things. Rocker singer Bruce Springsteen has his own voice insured for six million dollars. Traveler’s Insurance covers the costs associated with the kidnapping. Pets do not guarantee, either. In addition, the list goes on.

Well-established and important, however, the insurance industry has many problems – including inefficiency, fraud, and human error, and, most importantly, cyber-attacks. In 2015, Anthem Insurance revealed data breaches that revealed sensitive information for 78.8 million customers. In addition to the immeasurable losses resulting from ownership fraud, the entire industry has grossed $ 375 million.

Blockchain creates a safe, secure environment for insurance organizations through the distribution of energy to communities while at the same time promoting customer growth, satisfaction, and efficiency. It creates a shared ledger for the insurance company, and all network participants can access the information, which is updated in real-time. The need for mediators has also been completely eliminated. By adopting a blockchain, insurance organizations can save time and management costs and operations.