The blockchain technology has proven itself to have a huge potential not only in cryptocurrency world, but in many business walks, as well. Marsh is a global insurance brokerage and risk management company, and now, it announced the first Blockchain based solution for proof of insurance.
With the blockchain technology, Marsh is planning to transform an insurance certificate process from manual and complicated to transparent and streamline. This will definitely improve business functions of clients, for example, increasing the certainty of coverage.
The new way of insurance proof is being developed on the Hyperledger Fabric Technology, which is open-source, and the IBM Blockchain Platform. The project is being developed in collaboration with the world famous companies, such as IBM, ACORD, ISN.
The administration of Marsh declared, that the blockchain technology offers many interesting options for the insurance industry. Many industries require proof of insurance, and the blockchain offers a new opportunity – to create the network of networks, and this will help in assuring verification on a bigger scale. This will help to streamline the entire process and save the company`s customers lots of time and efforts, and money, of course.