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Blockchain Tech Will Make You Fall in Love With Your Insurance Company. Here’s Why

Home > Industries > Blockchain Tech Will Make You Fall in Love With Your Insurance Company. Here’s Why

Hands up if you feel like understanding blockchain tech is less fun than slamming your fingers in a drawer? (We’d expect to see a solid show of bandaged hands.)

The reality is, the complicated tech that makes blockchain and bitcoin and Ethereum possible just isn’t much fun (unless you’re making money from it right now) and although you can’t expect to understand it right away, one day it’s probably going to feature in your life on an everyday basis.

If that statement still doesn’t make you want to jump aboard the blockchain gravy train, maybe the fact that all over the globe, several huge names in the major sectors are opening their traditionally-geared hearts up to the idea of blockchain tech stands a chance. Some of these names include:

  • Nestle
  • Facebook
  • Disney
  • IBM
  • Ford Motors
  • Amazon
  • Goldman Sachs

You’re likely to be able to tick more than three of these global corporations off your list without really thinking about it, right? They’re just a handful among hundreds of top organisations acting on -or at least considering canning decades-old practises that no longer stand up as productive in today’s evolving digital landscape.

So why is Blockchain stirring them up?

Well the technology is complicated – but the objective is clear- this is more than a technological update, it’s a soaring, thundering leap in digital capability that stands to eliminate the possibility of human error and/or fraud, erasing the grey areas associated with complex paper trails, exchange documentation – effectively ridding businesses who take it on of archaic practices weighing them down every day.

It’s third party authentication that presents a stumbling block for so many businesses. Blockchain tech precisely records transactions between two parties, requiring no intermediaries   (better known as consultants, agents and go-betweens ) to authenticate those records. Put simply, Blockchain is the book-keeper we all deserve. Let that sink in. If implemented, Blockchain could- and would:

  • Eliminate voter fraud
  • Eradicate waiting periods (think insurance companies, banking institutions)
  • Create 100% transparency in the supply chain (from maker, farmer, manufacturer to store, shelf, warehouse)
  • Instantly share health records (consenting parties)

Blockchain tech makes it possible to record information so it is indisputable, un-hackable and transparent to relevant parties. It’s been described as the first impenetrable, secure technology of it’s kind. And it is offering major global brands a HUGE advantage.

But it’s not just the top cats that should be interested in the tech. The front-end perspective is equally promising. Here’s a simple way of explaining how the average person would benefit from blockchain tech where previously, they’re likely to have experienced headaches.

Let’s say you book a flight. Wherever you like. Mexico? Perfect.

When you purchase your ticket, you do so on the proviso (terms and conditions) that your airline agrees to fly you to Mexico within two hours, (or two weeks, whatever works) of the expected departure time.

But they can’t keep their promise. You’re not going to Mexico. At least not on the flight you wanted to make.

Let’s say you purchased your tickets through an airline ( an heroic airline, really)  who use Blockchain tech to manage their insuring framework. If you’re not holding a frosty cerveza when, by all terms and conditions, you should be, an AUTOMATIC REFUND is issued. No calls. No hassle. Blockchain sees you and refunds you accordingly.

Up until Blockchain tech kicked a huge hole in the insurance transparency wall, you’d likely be chasing your hard-earnt dollars for weeks. But it’s reissued to you instantly. No waiting periods.

Now, if you think the ‘no grey area’ development will make consumers pull back before considering insurance, think again: removing ambiguity from insuring conditions creates indisputable accountability. Automatic. It’s the best reason we’ve had yet to believe in the value of insurance. And insuring companies who use it stand to make a lot more money based on this new and radically improved state of accountability alone.

So, even though you’re not in Mexico, you’re not faced with the added insult to injury or chasing coin. What do you do? Book a new flight? Postpone the trip? Head to the pub?

Thanks to Blockchain tech, that part is up to you.

Blockchain Australia offers comprehensive consulting services to those wishing to form a better understanding of blockchain tech. Our team of outstanding experts offer advice across all aspects of development in the field- if you have questions, we have answers! Talk to us today about learning how Blockchain works today! Call 1300 305 619.

Ralph Kalsi

Founder and CEO, Blockchain Australia ™

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Ralph Kalsi
Ralph Kalsi

Founder and CEO, Blockchain Australia