How Blockchain Is Disrupting 3 Industries

  • Blockchain burst into the mainstream five years ago as a secure platform for Bitcoin transactions, but the technology’s use today is extending well beyond cryptocurrency to transform industry sectors on a holistic ecosystem basis.
  • Healthcare, banking and insurance are just three industries that anticipate tens of billions of dollars in cost savings from the blockchain’s permanent decentralized ledger.
  • In the property-casualty insurance industry, real progress is being made to create ecosystems that speed up the automobile insurance claims process
  • Take, for example, the Institutes RiskBlock Alliance , a collaborative experiment in which dozens of insurance companies plan to share specified automobile policyholder data in a blockchain network.
  • Today, payers like health insurers each have specific contract terms and conditions that must be met in order for a procedure or treatment to be deemed medically necessary and, therefore, covered by the insurer’s health plan.

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