Blockchain in Insurance to Revolutionize Possibilities
We’re used to having insurance for our medical bills, lives, and cars, but today’s multi-trillion-dollar insurance industry also covers lots of other things. Legendary rocker Bruce Springsteen has his voice insured for $6 million. Traveler’s Insurance covers costs related to kidnapping. Pets are insurable, too. And the list goes on.
Well-established and valuable though it is, however, the insurance industry has plenty of problems — including inefficiency, fraud, human error, and, most concerning of all, cyberattacks. In 2015, Anthem Insurance revealed a data breach that exposed the sensitive data of 78.8 million customers. Besides the incalculable losses stemming from identity fraud, the entire industry took a $375 million hit.
Blockchain’s ability to create trust in a trustless ecosystem through the use of public ledgers and fortified cybersecurity protocols has positive implications for the insurance industry’s future growth. Along with artificial intelligence and big data, the potential that utilizing blockchain in insurance will unlock hinges upon three unique features in particular
Because the insurance ecosystem contains millions of insurers, healthcare providers, and patients, it’s easy for the industry to get bogged down by money- and time-wasting inefficiency stemming from billions of forms, human error, and poor communication between parties.
Blockchain’s ability to safeguard sensitive information
Digital ledger systems like blockchain can help automate outdated processes, save billions of hours of paperwork each year and reduce human error because all forms and data are safely stored along the chain.
Communication between important parties in an insurance claim can also be improved through distributed ledger technology. If stored on a blockchain, a patient’s medical history can be safely viewed by doctors and insurers to determine correct policies and procedures going forward.
Blockchain’s ability to safeguard sensitive information is especially enticing to an industry that heavily relies on data gleaned from being at the intersection of health, work and personal life.
Blockchain’s ledgers are decentralized, so they can’t be corrupted or manipulated by one authority. Instead, all data is chronologically timestamped to ensure a clear recording of events.
And while blockchain data is encrypted, it’s also completely transparent to members (nodes) on a chain — meaning that all nodes can view the actions of an individual whose true identity remains hidden. This system enables blockchains to quickly suss out any unusual behavior and take care of problems before they become major issues.
What is MAINFT
The MA Insurance Agreement gets its name from the microscopic aggregation index. The team uses this to specifically refer to the decentralized insurance protocol built by blockchain technology to treat the problems of traditional financial insurance. DeFi+ NFT technology makes the financial attribute operation of insurance more transparent and open, just like looking at the aggregation and change of insurance capital pool under the microscope. MA Insurance Agreement aims to create a new ecosystem of commercial Insurance models that complement the decentralized approach of blockchain technology with NFT technology. Promote traditional financial insurance products from the traditional Internet mode towards the direction of the decentralized financial breakthrough development, create authentic, transparent financial data, data security, and can effectively protect the privacy of the user-product cluster, improving and promoting the transformation of insurance financial technology value and assets, use of transparency by blockchain technology to improve the insurance financial infrastructure.
MAINFT-MA Insurance Agreement
MA Insurance Agreement will ultimately build a network of DeFi Insurance eco-products that are secure, trusted, privacy protected, performance-optimized, data sharing valued, and friendly to all CEX. Connect all KYC users as much as possible, and manage and control multi-chain insurance data through the cross-chain connection. By re-designing and building DeFifi insurance products, the traditional insurance financial architecture logic is subverted to achieve lower cost input and higher insurance investment return and equity. After high standards of testing and data optimization, MA Insurance Agreement’s Insurance products are expected to reach thousands of households. MA Insurance Agreement is aiming at the needs and pain points of the decentralized insurance and finance industry, investors, and users, and will use the advantages of blockchain to provide comprehensive solutions. MA Insurance Agreement aims to improve the infrastructure of Insurance services for the public, and to build a secure, trusted, privacy protected, performance-optimized, and developer-friendly mobile blockchain ecosystem as the pivot, connecting all KYC CEX platforms as possible. Achieve a wider range of data management and insurance services through cross-chain and other methods. After reconstructing the design and contract structure of the insurance product, it will attract the majority of users with the ultra-low market price. From the social, economic, commercial, and other perspectives, the application of decentralized insurance financial products will be implemented. Based on the technical and theoretical basis of decentralized finance that is more transparent and fair, and from the perspective of NFT technology, we will explore the establishment of a decentralized insurance foundation. Facilities to break the monopoly of traditional insurance financial institutions.
Official Website: https://mainft.io/
Official Twitter: https://twitter.com/NftMai