A technological revolution as groundbreaking as the internet is predicted to overtake and revolutionize business as it is known today. This digital platform, prospering in its infancy, is Blockchain Technologies. Though currently the company exists only its inceptional stages, it is already being predicted by economists to alter business with the magnitude internet has revolutionized communication. With each coming year, an increasing amount of global industries are working to integrate Blockchain technology in order to modernize and simplify the underlying issues occuring in the industry. Industries are beginning to adopt Blockchain Technologies because it simplifies direct transactions, increases security, and provides transparency.
Blockchain is a distributed ledger technology that simplifies the transaction of money and other assets (Institute). For the purchasing of goods, which inevitably travels through multiple steps, Blockchain Technologies documents each individual transaction and makes it available to view for all parties involved at any point in the
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The key component of Blockchain Technology that is expected to aid in the revolutionization of the insurance market is the previously mentioned “smart contracts”. These contracts that primarily exist on digital wallets and on the cyberweb have the potential to eliminate the need for human administrators when filing an insurance policy (Manelli). Given the commonality of insurance fraud on the side of the policyholder, and the insurance company often outlining conditions in a “vague and non-trivial way”, the elimination of a human administrator would greatly benefit both sides (Manelli). Blockchain has the ability to create more streamline transactions that is clear to all parties without having to deal with the unreliability of a human