Blockchain technology is becoming famous in financial and technical fields these days. The new technology fields will soon find use cases in a huge number of industries through adopting a huge curve.
The latest addition to the blockchain revolution is insurance. Since a group of 14 European Insurance providers have collaborated together with Deloitte and other companies to provide a simple system for insurers to follow with the Hamon law, and it requires insurers to provide the simple transfers for the clients who would like to change the companies in the first year.
Most important part is Protecting the Data
The system would allow highly secure information space for customer data. The recent regulation from the EU (European Union), called General Data Protection Regulation (GDPR) will have the effect in 2018 and it can force the large fines on the companies those do not protective with number data. The blockchain technology will be able to do what other kinds of technologies cannot do in data protection.
The platform properly depends on the proof of the process technology for securing the user data from a shared data repository. The system would connect the data release to the specific minimum for processing the transactions. The blockchain will bring the important change to the insurance platform since there the need for security is increasing.