Cognizant develops blockchain solution in partnership with Indian insurers

Technology giant Cognizant has partnered with a consortium of leading Indian life insurers to develop a blockchain solution to facilitate cross-company data-sharing.

The solution will help insurers reduce the risk of data breaches, fraud and money-laundering, while delivering a superior experience to customers through improved process efficiency, better record-keeping, and accelerated turnaround time.

The solution, developed late last year as part of a collaborative blockchain program is among the consortium’s first distributed ledger initiatives. In addition to ensuring real-time availability, transparency and consistency of records that can be audited at any time with easy traceability, storing data on blockchain will enable