Application of Block-Chain Technology in the Insurance Industry : The Case for India

Abstract

Insurance helps in building a financially resilient society. The industry is looking for ways to increase the access to insurance through the use of new-age technology. A technology like blockchain is creating a new ecosystem which will provide a new way for conducting business in a more transparent, efficient and democratic manner. This paper examines the prospective use of blockchain technology in India and the construing barriers to the ecosystem.