Blockchain Technology in the Insurance Industry
Sumit Oberoi, Pooja Kansra
Abstract
Application of blockchain technology is feasible in the insurance sector, thus authorising data transmission, preventing fraud, enabling automation, and safeguarding audit trails. The present study aims at understanding the use cases of blockchain in the insurance industry and examining the challenges and opportunities of blockchain technology in the insurance industry. This study is approached from a theoretical perspective, and literature search strategy was performed for all working and published research articles and book chapters indexed under different databanks (e.g., CEI, Google Scholar, IEEE, Research Gate, Web of Science, etc.). Only articles accessible in English and published between 2010 to 2021 are included in the study. Blockchain is gaining ever-increasing attention from various industries and research domains. A quantum leap in skills and technical know-how influences all segments of industries, and this revolution is absolutely necessary in the field of insurance. Thus, the implementation of blockchain in the insurance sector has turned out to be a default platform.