Shine india monthly magazine

Shine india monthly magazine

Shine india monthly magazine Published this article page no 35  Insurance sector Inherent inefficiencies in the claim management system of the Insurance Industry lead to losses of about Rs. 10000 crores per year. Implementing blockchain for claim management is the ultimate solution to mitigate these issues. For instanceo e.g. Cognizant has partnered with insurance providers such as ICICI Prudential Life Insurance SBI Life Insurance HDFC Life Kotak Life and more to develop a secure datasharing solution built on blockchain platform.  Blockchainpowered smart contracts where every piece of information is recorded in a traceable and irreversible manner would enhance ease of doing business augment the credibility accuracy and efficiency of a contract and reduce the risk of frauds substantially.  Real Estate Property deals which are still carried out on paper making them prone to disputes can be benefitted through inbuilt transparency traceability and efficiency in this system. o Blockchain solves these issues by digitizing land titles therefore each land would have a digital address stored on the blockchain with details of occupancy ownership records finance specifications of the property and associated legal disputes. Challenges in Adoption of Blockchain Technology  Lack of Scalability can put a strain on the adoption process especially for public blockchains. The processing speed is way less than the traditional transaction networks. E.g. Visa can process more than 2000 transactions per second. In contrast Bitcoin blockchain can process 37 transactions per second and Ethereum can handle approximately 20 transactions in a second.  Lack of interoperability Most of the blockchains present in the market work in silos. With so many different networks and approaches the blockchain space is in a state of confusion with no clear approach and a lack of standards do not allow different networks to communicate with each other Shine india monthly magazine buy.

Shine india monthly magazine