Blockchain Technology and Data Protection in European Insurance Sector

Huge adoption rate of blockchain technology made many institutions think rather how to legalize and regulate it rather than how to ban it.
The latest addition is the insurance, the regulation was accepted by a number of European countries that have been partnering to provide a simple insurance package to insure simple transfers between clients. a good step forward for a technology that is for now not regulated otherwise.
The newest regulation will come in force in 2018. According to it, customer data will be stored in a highly secured system. According to the new law, companies that don’t provide a proper protection for customer data will be fined heavily.
The blockchain platform though is able to do something that others platforms aren’t able to provide regarding data protection. The system is limiting data release of clients to the minimum, with that, the blockchain platform is able to provide something exceptional in data protection, that can be used as a reference by the other systems & platforms.

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