The insurance industry is a financial intermediary that plays a major part of the financial industry. Even though there has been a surge in purchasing and account insurances online, there is a huge part of the population that still prefers to take insurances through insurance brokers or visiting the insurance company personally. This results in the rise of paperwork and paper contracts which are prone to error and most often require human supervision. In short, the insurance involves consumers, brokers, insurers and sometimes even reinsurers – which results in a potential failure of loss of information, misinterpretation of policy and delay in settlement.
To cut these losses, giant insurance companies are switching to Blockchain technology. Why will the Blockchain technology help the insurance industry for the better? Blockchain is the ideal technology that can store records and data cryptographically. It helps build transparent operations built of trust and stability. According to a report in The SAP Digital Transformation Executive Study, the banking and the insurance industry is planning to double up their Blockchain investments by the year 2019. The industry wants to transform and streamline their processes via Blockchain and mitigate the challenges faced while data sharing, claim processing and frauds.
“Every company, city, and country is becoming digital, navigating disruptive markets, …(and the) role in the digital transformation has never been more important.” – John Chambers, Former Chairman and CEO of Cisco Systems.
The era we live in today is a digital age where all industries have embraced and entered this digital world in some way. Industries get to harness the potential of digitization in various shapes and forms, thus making the best of this evolution.
The supply chain industry is no different and today, they rely heavily on digital technologies to ensure accurate data to help with deliverywhile optimizing resources.
Digital Transformation and the Supply Chain Industry
Managing the supply chain is a large and complicated area, which is chaotic and filled with multiple challenges. There is a lot of manual work which costs time and money and in a way is a futile exercise with excess paperwork.
Each stakeholder would want to manage their own paper work, ledger and data which could make things more complicated and in order to make sense of this data, a third party would need to be involved especially for bookkeeping.
“We are all now connected by the Internet, like neurons in a giant brain”
The world today is more connected than it has ever been before. Technology is advancing at an exponential rate and it is bringing people together like a small global village. Thanks to these technologies, a consumer’s role and demands are shifting in the marketplace. New trends are setting in which influence and sway a customer’s expectations.
Every few years, new technology is introduced in the market. Digitally the world is constantly evolving with newer software. For example,
Blockchain technology has taken over the world with its unique features of safety and a shared public ledger that doesn’t involve the third party. There have been more than a million transactions on the Blockchain platform from all over the world. Corporations are now looking at adopting the Blockchain in one of the biggest industries, i.e. the supply chain. But you might think why would a well established supply chain look to adopt a new technology like Blockchain? Well the answer to that is for better coordination among various organisations.
The Blockchain technology has triumphed in the Bitcoin market making it the most sought after technology for web-based and mobile applications. One of the biggest merits of Blockchain is that it is a peer-to-peer network, which means that no third party is involved and that you are in control of your own data.
A public Blockchain becomes convenient when the goal is to develop a decentralized, interoperated and independent security channel of data as it helps create trust in the minds of citizens. It becomes a competitive advantage for public services or the government by creating an intelligent Blockchain strategy at a national and local level.
Reasons why public services should adopt Blockchain technology:
Blockchain is changing how businesses function, providing them with a secure and efficient technology to replace current practices. While it may have an impact on the company financially, it affects various other areas of businesses that are not traditionally associated with finance too, including security, logistics, and transactions.
You could be working in any sector or industry or organisation, everyone is talking about Blockchain technology. In the world of finance and financial technology, Blockchain apps are turnkey. But the technology has many other uses as well. These include banking and finance, insurance, fintech, jewellery business, healthcare, medical services, eLearning, travel industry, gaming, smart assets, online shopping portals, digital voting, digital identity management, distributed cloud storage, transport and logistics.
Developers that know Blockchain are most sought after, especially in financial organisations that are into developing new cryptocurrencies. “Blockchain developers ranked second among the top 20 fastest-growing job skills in 2017, showing a 200% growth from the second to third quarter of the year. That demand continues to see rapid development in 2018 as technology changes because the Blockchain code is used in more and more applications.”
Blockchain is the most sought after topic in the tech world. But how did it all start? Well, the popularity of the cryptocurrency put the spotlight on the Blockchain technology. Nearly, everyone’s heard the word ‘Blockchain’ but very few know the fundamental technology behind them. It is not very easy to understand this technology; there are various videos and tutorials that you might find online but you will find it in bits and pieces. Here, let’s take a step-by-step look at how the Blockchain works and its different terms and technologies.
Basics of Blockchain
A Blockchain is like a diary of codes that cannot be forged. It allows transactions, mostly monetarily (for now), to be exchanged without a central authority or a third party vendor. It is an immutable, sequential chain of records called blocks which contain transactions, files or any other data.
Blockchain is a revolutionary technology that has currently swept the technical market. It has gained its popularity through the innovation of Bitcoin crypto-currency and now every tech ninja wants to slide foot in this business and create startups. Although, it’s hard to crack the market, a Blockchain based organization now needs a remarkable showcasing procedure as much as a product that compels the audience. Startups need to promote their product aggressively, mainly through social media marketing strategies.
Let’s take a look at 11 marketing tips to jumpstart business for Blockchain startups:
Highlight the Solution
The most important aspect of your Blockchain project should be that it solves a problem in people’s life. There are several apps and projects that are rolling out in the market but most of them do not have an actual problem that they solve. Hence, it is important that you determine the pain point of the solution that you are offering through your Blockchain project. You can use OPEN Platform and SuchApp to view the needs of the masses rather than just targeting the Blockchain community.
This tutorial is focused on a web based distributed application. If you are looking to build a mobile or desktop application then this tutorial is not for you.
Blockchain is the next step towards creating a more independent, peer-to-peer and decentralized system that could take the tech world by the storm. The tech world has been buzzing with words such as, ‘bitcoin’, ‘blockchain’ and ‘cryptocurrency’. Blockchain was originally created to support the Bitcoin but soon the tech community has started using this technology for other purposes.
Don & Alex Tapscott, author of Blockchain Revolution (2016) stated, “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”