Unique Blockchain solutions for the Insurance sector

2018 saw technology vendors increasingly directing their focus and investments to develop innovative DLT-based alternatives to traditional infrastructures. This has spurred insurers to look to the distributed ledger technology first when substituting on-site legacy systems and adding better functionalities. Silicon Valley-based software development company, HashCash Consultants has launched an intricately researched line of blockchain solutions to suit the demands of the changing InsurTech industry.

HashCash and Insurance:

HC NET Blockchain (with HCX as its native digital asset) by HashCash Consultants provides a secure ecosystem to clients wherein they can convert multiple policies into smart contracts. This results in the reconciliation of data across every node in real time to furnish a unified, comprehensive view of policy data and documentation. The blockchain solution developed by the company’s team of experts presents a clear map of coverage and premium payments and delivers automated notifications to network participants post payment events. The product created by HashCash Consultants encompasses core issues in the industry such as fraud detection and risk prevention; distribution and payment models; false claim prevention and management; and, reinsurance.

The advantage of blockchain in the insurance industry:

It won’t be an overstatement to say that blockchain has expanded the value creation opportunity in the insurance sector. Raj Chowdhury, MD of HashCash Consultants, comments on the potential of blockchain in this particular field, “The technology holds so much promise that secure, peer-to-peer ledgers might be well on its way to becoming as accepted in the industry as Structured Query Language (SQL) databases.”

Insurance CIOs are keen to explore advanced digital capabilities and see developing applications on the blockchain as a more swift alternative to on-premises deployments. Those apart, evolving technologies such as telematics monitoring via the Internet of Things (IoT), advanced analytics, and cognitive applications call for more sophisticated technology. Cost savings and pay-as-you-consume contracts, speed, flexibility, and scalability are some of the other factors that will drive the demand for blockchain in the InsurTech sphere.

Conclusion:

Blockchain’s appeal lies in it being a foundational or architectural development, much in contrast to “point innovations” such as roboadvice models and mobile apps. It is actively evolving its capabilities to offer industry-specific solutions. Considering this, blockchain may well be a major propellant for broader adoption of and experimentation with derivative technologies working on similar principles to reshape the P&C landscape in 2019.

About HashCash Consultants

HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins. HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.

Source:https://markets.businessinsider.com/news/stocks/the-blockchain-solution-offered-by-hashcash-consultants-is-the-need-of-the-hour-in-a-swiftly-morphing-insurance-sector-1027903557