Business Standard

Insurance blockchain to ease consumers' burden

Life insurance companies asserted that the blockchain being created has strict protocols to leave no room for manipulation and exploitation

Life Insurance

Advait Rao Palepu Mumbai
The insurance blockchain being developed by Indian life insurance companies will be used to store and share customers’ details in an encrypted and distributed format, with proper checks in place to ensure the consent of policyholders is recorded at various stages on to the ledger, say industry insiders.
A blockchain is essentially a ledger -- or a network of computers at multiple locations -- that are interconnected to share and receive secured data and information. No one computer or ‘node’ in the network has control over the system. All the data uploaded is dispersed across the network to ensure

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First Published: Mar 31 2018 | 12:52 AM IST

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