Smart contract insurance example

In healthcare, Blockchain has a wide range of applications and functions. The ledger technology helps healthcare researchers uncover genetic code by facilitating the secure transfer of patient medical records, managing the drug supply chain, and facilitating the safe transfer of patient medical records .

Blockchain transactions are free to use and have the potential to completely change the way insurance is contracted . Blockchain optimizes efficiency, security and transparency for the entire insurance industry, using public ledgers and fortified cybersecurity protocol.14 Nis 2021

W.R Berkley, Travelers, GEICO Among 12 New Members of The Institutes RiskBlock Alliance. Twelve more companies have joined The Institutes RiskBlock Alliance, which is billed as the risk management and insurance industry’s first enterprise-level blockchain consortium . The membership level is now at 30 companies.

A smart contract refers to an insurance contract or cover that pays out when certain, predefined conditions have been satisfied .