An increasing number of fraudulent insurance claims and the impending need to develop transparent and reliable systems have pushed the global blockchain in insurance market towards its boom. Being a decentralized ledger distributed across business networks that quintessential records all business transactions, blockchain technology offers a unified protocol for verifying users records in an established chain of data. Among the recent trends witnessed, is the use of blockchain technology as payment applications adhering to its beneficial provisions of real-time payments against assets; resulting in major cost-savings.
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