After years of excited predictions, at last we are seeing the emergence of solid blockchain use cases in banking, and other industries. Current trends show that greater blockchain use in insurance is on the horizon.
Blockchain, or distributed ledger technology, uses advanced cryptographic techniques to create a secure ledger of information that prevents the unauthorized modification, addition or removal of data. Use of blockchain offers significant advantages over other technologies, key among them is data security and the creation of a clear audit trail. As blockchain systems are immutable and do not require oversight by a central authority, use of a distributed ledger also opens up new options for secure collaboration between competitors by removing the need for trust between third party organizations.