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Employing Blockchain to Insurance

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Blockchain is the technology of the era on which cryptocurrencies run. The potential benefits of blockchain technology described by many as disruptive is only just becoming understood by various industries, with the insurance industry being one of them. Blockchain is a decentralised database of digital records that is cryptographically protected. In the insurance industry, observers believe implementing blockchain will produce unprecedented improvements in service delivery and fraud reduction. Here are ways blockchain will help the insurance industry.
Since blockchain provides a distributed and unalterable record of data that is available to the public, one of the major challenges of the insurance industry – fraud, can be alleviated. It is proposed that insured assets can be identified using a unique serial number as an identifier to an asset – a form of IMEI in the insurance industry.
Another trending innovation of the blockchain is Smart contracts. Smart contracts can be used to write a template for agreements between insurer, reinsurer and the insured, all in an open and clear way. As with the blockchain, the smart contract is impartial, it pays for claims that have been verified as accurate and have met predetermined conditions.
KYC (Know your customer) is now a method used by firms to establish the veracity of information provided by customers. With blockchain technology, an individualised customer data like a digital file, accessible by different service providers can be made for each customers, reducing the huge cost and time in building compliance and onboarding policies for customers.
Rather than rely on virtual offices that may not meet customers needs, insurance firms can leverage on the distributive nature of blockchain for processing insurance claims anywhere, anytime in the globe without the limitations of boundaries. For insurers looking to venture into new markets, blockchain will provide lower cost of reaching markets, accurate customer information and promptly service delivery.
The world is getting smartened by IoTs. Personal health and fitness tools, vehicle trackers, asset tracking and home sensors have never been safer than been locked in a cryptographed chain with each accessory a block. With a blockchain, IoTs are tamper proof, and important personal records can be easily shared with insurers without data breaches especially when claims are made.
As the globe awakens to the potentials of blockchain technology and more insurers adopt it, customer service and trust in the insurance industry is set to break old limits.
 
 

What do you think about blockchain in insurance? Share your opinion with us in the comment section below.
Image credit: pixabay,
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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PayPal has reached 85% of Binance.US Volume in first month of Crypto services

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The payment giant company in the United States, PayPal is said to have reached a benchmark of 85 percent of the total trading volume of Binance.US; a cryptocurrency trading platform within its first month of operation. The payment company which was once skeptical about anything Bitcoin and cryptocurrencies launched and started offering cryptocurrency services to its users last month, October, 2020. This was made possible by a partnership between Paxos and PayPal to make cryptocurrencies available to users in the United states.

However, the daily trading volume has risen to 25 million dollars, a figure close to the total trading volume of Binance.US since PayPal launched. The figures on the trading platform of Paxos; itBit exchange rose from a daily figure of 5 million dollars to a whopping $25 million in November after a month of partnership with PayPal. Whether the partnership with PayPal is the reason for the spike in the daily trading volumes or other reasons are responsible for it, this remains unclarified.

PayPal has an estimated user base of over 346 million users over the world. Whether or not the partnership is responsible for the spike in the 24-hour trading volume on Paxos’s platform, offering crypto services on the platform is about to see a new level of adoption of cryptocurrencies worldwide.

Tola says he wants more big companies to go after PayPal’s footstep

Tola Joseph, the CEO and founder of twitterCryptomasterclass has expressed his views via his twitter handle (@connectwithtola) as regards the report about PayPal reaching 85 percent of the daily trading volume of Binance.US. He says he wants to see giant companies get involved in crypto and offer cryptocurrency services in a tweet.

He also included in another tweet what will happen in one year if PayPal’s one-month volume could be a competition to cryptocurrency exchanges. He included that he wanted the payment giant to offer cryptocurrency exchange services.

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Singapore’s Largest Bank, DBS to Launch Crypto Trading & Custody Service

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Singapore’s largest bank is reportedly making an inroad into the blockchain and cryptocurrency industry with the launching of a cryptocurrency trading and custody service. 

The Bank DBS is also reportedly launching in addition a platform for conducting security tokens offerings STO. The trading service will support five major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Ethereum Classic (ETC). 

The DBS cryptocurrency trading platform will also support four fiat currencies such as the US dollar, the Singaporean dollar, the Japanese Yen and Hong Kong dollar. 

It’s revealed that using it’s STO features, businesses will be able to issue tokens. The bank further revealed the trading platform will not hold cryptocurrency rather, it’ll be held by the Bank itself. The bank said the service will offer “distinct advantages such as the assurance of institutional-grade security.” 

While the move of the Bank to release its cryptocurrency offerings further validate the idea that blockchain technology will be adopted by businesses and government globally, and more Singaporeans will be able to conveniently purchase cryptocurrency, the Bank was quoted saying:

DBS’ plans for a digital exchange are still [a] work in [progress], and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made.”

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A WordPress Plugin Now Allow Contents to be Time stamped on Ethereum

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A WordPress plugin has been developed to allow WordPress users time stamp contents on the Ethereum Blockchain. 

The plugin which was developed by an Amsterdam based firm WordProof helps WordPress website owners with Copyright issues by giving assurance to traders who the creator of a content and the integrity of same content considering blockchains cannot be tampered with. 

WordPress is one of the largest Content Management Systems on the internet powering up multitudes of websites of various types. 

The plugin was announced by WordProof on the 22nd of October, 2020 at the London BlockDown 2020 3D virtual blockchain conference. At the event, WordProof Head of Product, Jelle van der Schoot revealed the firms envision itself to be the most user-friendly timestamping tools for use across all Content Management Systems and e-commerce platforms. 

According to WordProof, it also supports other blockchains such as Telos and EOS. 

Speaking on the support of Ethereum on WordProof, Jelle van der Schoot said “Adding support for Ethereum marks an important step towards achieving this goal, so we’re excited to welcome the Ethereum community!”

It’s no doubt content theft is a serious challenge and alterations of published contents that could impact truth poses a serious concern to information flow. But with the ability to timestamp contents on WordPress just like Steemit and Hive blockchain blogging platforms, the defining features of blockchain become available to millions of WordPress users for use.

Other WordPress based crypto plugins 

While the development of WordProof and its integration with Ethereum, it’s not the only WordPress plugin. Over the years, there has been several blockchain and cryptocurrency plugins offering features to enrich the WordPress user experience. There has been plugins that display cryptocurrency prices, plugins that allows automatic publishing to Steemit, that allows the buying of cryptocurrency amongst several others.

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