Using RecordsKeeper Blockchain to store insurance records:
This use case addresses improvements in the operational functions of an insurance company. As per the traditional procedure is shown in the image, when a user makes a general insurance claim, all the insurance information gets verified from the insurance stream manually. If the information is correct, the insurance claim is verified by the insurance company. However, this procedure has the following problems:
- Data Security
- Fraudulent information
- Trust issues
RecordsKeeper can remove all of these problems. RecordsKeeper is a public blockchain for records keeping and data security. Let’s discuss each problem individually:
- Data Security: Data stored in RecordsKeeper is decentralized so there is considerably less possibility of data loss as compared to the present centralized system because a copy of the data is present in every node which is connected to the network. This way, the data can be quickly recovered in the event of data loss.
- Fraudulent information: Unlike with the traditional insurance record keeping system, data stored on the RecordsKeeper blockchain cannot be tampered with or modified. Moreover, insurance companies can easily identify false applications, so there is less chance of fraud.
- Trust issues: For every insurance company, it is imperative to gain the client’s trust. In the traditional process, there are many chances for fraud, so it is not easy for a client to trust the insurance company, but with the help of RecordsKeeper blockchain, trust issues can be resolved.